Crypto enthusiasts are rejoicing today as Quant Network’s native cryptocurrency, QNT, witnessed an astounding 8% surge in value over the past 24 hours. The token’s meteoric rise comes on the back of a multi-month breakout from a critical resistance level, propelling its price to new heights and capturing the attention of investors worldwide.
The surge in QNT’s price is remarkable as the cryptocurrency market continues its volatile journey. Over the past months, QNT has gradually built momentum, and traders have eagerly anticipated a potential breakout.
Crypto analyst CryptoBusy’s latest tweet highlighted QNT’s impressive surge in the last 24 hours, following a significant breakout from resistance:
$QNT has increased by 8% in the last 24 hours!
— CryptoBusy (@CryptoBusy) July 29, 2023
It experienced a multi-month breakout from this resistance, causing the price to skyrocket! 📈#QuantNetwork #Bitcoin pic.twitter.com/9NiuxeHaZo
Quant Network, a blockchain platform known for its ambitious vision of enabling seamless and secure interoperability between blockchains, has been making waves in crypto for quite some time. With a strong focus on bridging the gap between isolated networks, their technology has attracted a dedicated following.
The recent surge in QNT’s price could be attributed to the breakout from a significant resistance level, which sparked a wave of bullish sentiment among traders and investors. As the resistance was breached, it triggered an influx of buying pressure, driving the price upwards.
As of July 2023, the price of Quant (QNT) is $110.40, showing an increase of 8.24% in the last 24 hours. The cryptocurrency has been gaining momentum, and its current rank on CoinMarketCap is 39, with a live market cap of $1,332,880,939.
Over the past 24 hours, the trading volume for QNT against USD has reached $22.71 billion, indicating significant market activity. The high trading volume suggests considerable interest and activity surrounding the token.
Looking at some key technical indicators, the Bollinger Bands with 20 days and 2 standard deviations from the closing price offer insights into the volatility and potential price ranges of QNTUSD. Additionally, the Ichimoku Cloud with parameters 9, 26, 52, and 26 aids in identifying support and resistance levels and determining potential trend direction.
Regarding relative strength, the RSI (Relative Strength Index) with 14 days and a simple moving average (SMA) of 14 is currently at 63.65. This indicates that the cryptocurrency is not overbought or oversold, hovering in neutral territory between these extreme conditions.
The surge in QNT’s price could be a harbinger of more positive developments for the broader cryptocurrency market. Historically, such notable price movements in one project often spill over into other cryptocurrencies, boosting overall market confidence and sentiment.
As with any significant price movement, traders are advised to approach the situation cautiously. Volatility is inherent in the cryptocurrency market, and while QNT’s surge is undoubtedly exciting, it’s essential to exercise prudent risk management strategies.
In conclusion, QNTUSD has shown notable price movements in the short term, but its long-term performance has faced some challenges. Traders and investors should consider utilizing the available technical indicators, historical data, and market context to make well-informed decisions when engaging with this cryptocurrency. As with any financial asset, it’s essential to exercise caution and conduct thorough research before executing trades or investments.
