The Quantstamp price has been in a consolidation phase in the past few days as its volume has dried up. The QSP token is trading at $0.077, slightly above this week’s low of $0.06. Unfortunately, the coin is about 83% above the lowest level this year, bringing its total market cap to $56 million.
Quantstamp is a decentralized platform that seeks to solve one of the biggest challenges in the blockchain industry. It is a blockchain security platform that monitors and conducts audits on key platforms in the sector. It has been used widely in DeFi projects built on leading platforms like Ethereum, Solana, Flow, and Avalanche, among others.
Blockchain security is an evolving field that is expected to keep growing as vulnerabilities rise and the sophistication of attacks increases. For example, this week, Axie Infinity made headlines when it reported the biggest hack in the world. As a result, its users lost over $600 million worth of tokens. Sadly, these attacks will keep rising, which will help boost demand for the QSP token.
According to Quantstamp, its security solutions helps to secure assets worth over $200 billion, and it is currently used by 250 companies like Curve, Maker, Compound, and even NFT giant OpenSea.
The QSP price was forming a falling wedge pattern, which is usually a bullish sign. However, it managed to move above the upper side of the wedge pattern. It has risen above the 25-day and 50-day moving average while volume has dropped sharply.
The price has moved slightly below the important resistance level at $0.0785, which was the highest level on February 15th. Therefore, there is a likelihood that the coin will keep rising as bulls target the next key resistance level at $0.10. A drop below the support at $0.065 will invalidate this view.
This post was last modified on Apr 04, 2022, 08:27 BST 08:27