- Quant price has been in a strong bullish trend in the past few months.
- Quant has become extremely overbought, meaning that a pullback is likely.
Quant price has defied gravity this year as demand for the coin has kept rising. It has risen in the past five straight days and is now trading at the highest point since December 2021. QNT has jumped by more than 430% from its lowest level this year, giving it a market cap of more than $2.5 billion.
What is Quant and why is it rising?
The blockchain industry has had substantial growth in the past few years. It has birthed key sub-sectors like stablecoins, decentralized finance (DeFi), and non-fungible tokens (NFTs) among others.
Quant provides the infrastructure needed to build some of these products. Unlike other smart contract projects, Quant provides its solutions to companies in the financial industry, including central banks.
Its products are used in the creation of digital currencies, payment services, supply chain and trade finance, compliance solutions, and capital markets solutions. Its main product is known as Overledger and is the world’s first blockchain-agnostic API gateway. It enables interoperability by connecting businesses to multiple ledger networks.
The other product is Overledger Integrate, which is an API that enables users to create blockchain applications that run on any chains faster and cheaper.
It is unclear why the Quant price has jumped sharply in the past few months. A possible reason for the recent rally is the recent Sibos Conference that took place in Amsterdam. The event had over 250 speakers and over 8,000 delegates.
Quant was fully represented by its senior management, including its founder Gilbert Verdian. He was a keynote speaker, where he talked about the importance of the recent Ethereum Merge and the importance of its technology.
Another reason is that many investors have embraced Fear of Missing Out (FOMO) now that it has become a big winner. Indeed, data published by CoinMarketCap shows that its total volume has jumped by more than 92% in the past 24 hours.
Quant price prediction
The daily chart shows that the QNT price has been in a strong bullish trend in the past few months. In this period, the coin managed to move above the important resistance point at $133.10, which was the highest point on August 8 of this year. It has also rallied above all moving averages while the MACD has moved above the neutral point.
Therefore, the coin seems to be in an extremely overbought and that the coin will likely pull back and retest the support at $133, which is about 35% from the current level.
