Following the FTX crypto exchange collapse, the Quant price plunged by 27 per cent, mirroring the industry trends that saw other major coins, such as Bitcoin, dropping at the same rate. However, the Quant price drop was different from the rest. Unlike Bitcoin and virtually all other cryptocurrencies that dropped as a result of investors dumping them, on-chain data shows there was no Quant selloff during the time it was dropping aggressively.
In fact, investors have continued amassing more Quant tokens since the 27 per cent drop. Unfortunately, the stability portrayed by the on-chain data has not been translated into the performance of the market, and hence Quant continues to struggle weeks after the collapse.
However, on the fundamental side of things, Quant seems to be making progress and continuing partnerships with like-minded blockchain technology platforms. Latest reports indicate they have partnered with UST, a digital transformation solutions company.
The partnership will see the two platforms provide technical integration and tokenization services to central and commercial banks. Capital market participants will also be part of the intended customer base of the two platforms.
As indicated above, the Quant platform has performed well despite the recent market upheavals that saw it drop by 27 per cent. The platform’s continued development has also been a major boost for investors, whose on-chain data continues to show accumulating Quant tokens despite the bearish market.
However, on the technical side of things, the Quant price continues to struggle, with its price trading within a narrow range of $100 and $120 for more than a week. Looking at the chart below, the recent price action also looks poised to continue. Therefore, I expect Quant to continue trading sideways for the next few trading sessions. However, trading outside the $100 and $120 will invalidate my sideways analysis.
This post was last modified on Nov 25, 2022, 10:57 GMT 10:57