- Summary:
- Quant price is down by 4 percent in today's trading session. This may be a signal of the resumption of the long-term bearish move.
Quant has struggled to recover from the recent cryptocurrency crash and has instead traded sideways for the past few weeks. In today’s trading session, the cryptocurrency is down by 4 per cent. The drop continues the sideways trend, where trading sessions have been alternating between bullish and bearish trends for the past week.
Understanding the Quant Project
Quant was launched in 2018 and aimed at connecting blockchains and networks on a global scale while maintaining the network’s efficiency and interoperability. The project encompassed the overledger blockchain operating system and QNT token. These two work together to ensure interoperability between multiple blockchains, enabling linking between global networks with more flexibility.
Since its launch, the project has grown to become among the top 100 cryptocurrencies by market capitalization. Today, it ranks as the 63th largest cryptocurrency with a market capitalization of $779 million.
QNT Price Prediction
QNT price, like all other cryptocurrencies, has been in an aggressive downward trend for the past few months. In today’s trading session, the prices are down by 4 per cent. The prices are also down by 9 per cent in the month of June, extending the strong bearish move that happened in May, which saw prices drop by 23 per cent.
The past few weeks have been different despite being in a strong bearish move for months. Looking at the daily chart below, we can see the prices have traded sideways for almost three weeks. In addition, in most trading sessions, the prices have alternated between bulls and bears. This has meant that any price gains are wiped the next day and vice versa.
Therefore, my QNT price prediction expects the current sideways market to continue. It is highly likely that we will see the current price drop, which has seen QNT trading at $64.6, be corrected tomorrow with a strong bullish move. The sideways price action, which has been consistent in the past seven days, will likely play exactly the same in the next few trading sessions.
However, if the prices trade below the $60 price level, then my sideways market analysis will be invalidated. It will also mean a possible resumption of the long-term bear market.
QNT Daily Chart
