Cryptocurrency Quant (QNT) is part of this category of digital assets that do not seem to be very affected by the wave of price reductions that the market has been experiencing for several months. Indeed, this interoperability-based trading system has managed to stand out from the others by recording significant gains in recent weeks.
Even though the QNT project was born in 2018, it has seen a huge uptick following its availability on major crypto exchanges including Binance and Coinbase. Over the past month, the value of the token has steadily increased and could potentially climb to new highs.
Why is the price of the QNT token rising?
Despite the fact that the market for cryptocurrencies is currently in decline, the value of QNT increased by 40% during this month. According to analyses, this also represents a 80% increase from its lows in September 2022.
Thus, during the last six weeks, the QNT token has managed to jump a value of $86 to a value of $180. One of the reasons that justify this astonishing increase in price is linked to the Sibos conference. This is the world’s largest financial services conference, organized this month by SWIFT.
At the conference, Quant officials had planned a presentation that allowed them to explain the benefits and advantages of the network. It is partly thanks to the latter that QNT made the headlines of several financial newspapers.
Even so, un dump fort important has taken place in recent days, the QNT cryptocurrency is holding up especially its support around $170. It could therefore be that the price stabilizes or that a new rise occurs.
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QNT Price Prediction: What’s Next in Token Value?
While it is true that following the explosion in the price of QNT, the cryptocurrency also experienced a significant dump, the various analyzes of the chart clearly indicate that the token is looking to extend its bull run.
According to the analysts, when based on its current position, the support level of the cryptocurrency is located at $170. On the other hand, this position remains unstable, as investors seem quite reluctant to renew their support since the fall in value from the crucial $185 level.
For most crypto experts, since the QNT token shows minimal activity in the cryptocurrency market, it will have to rely on a sustained buying pressure to regain stability around $185.
Can QNT cryptocurrency rally above $200?
The technical analysis of the QNT graph has already demonstrated this: investor sentiment about cryptocurrency is bullish. These investors’ confidence in the token has allowed it to defy the volatility currently affecting the cryptocurrency market.
However, such an increase in value is not really the subject of discussion for many crypto analysts. Indeed, the main question they are asking is whether QNT tokens will be able to return to a value of $200 to reach new heights.
It is with this in mind that crypto trading expert Michaël van de Poppe had already launched his personal prediction. According to him, as soon as the QNT token will manage to stabilize around $172, it will be in line for a sustained rally.
Actual state
According to data collected through CoinMarketCap, its value reached a little over $225 on October 17, even as its token came under increasing buying pressure. The latter allowed it to reach a market capitalization of 2.2 billion dollars as of October 22.
Thus, since its upward trend which started 4 months ago the cryptocurrency ranks 29th in terms of market capitalization at the time of writing. It is also trading at $182, with an increase of more than 80% in one month.
In addition, according to various players in the field, the social dominance of the QNT token could play a significant role in its evolution in the coming days. Indeed, Lunar Crash data revealed that QNT’s social engagements over six months had increased by more than 130%.
The bear market continues to dominate overall market sentiment, things could change from 2023. Indeed, one forecast suggests that the Bitcoin could hit $270,000 in 8 years.