Why is Quant (QNT/USD) cryptocurrency rising, and how attractive is it?
Is there a cryptocurrency that has maintained a sustained surge in this bearish market? The answer is a yes but look beyond the main tokens. Quant (QNT/USD) is one of them and remains in a defiantly bullish mode.
Quant is an Ethereum-based token that powers the Quant Network. The network was launched to make global information exchange seamless. An overledger functionality on the protocol has helped address interoperability issues for other blockchains. The native token QNT allows digital access to applications and services on the network. Enterprises and developers pay access fees to the Quant Treasury based on the equivalence of the native token QNT.
While large cryptos have overshadowed QNT, it is making a statement with the latest gains. On CoinMarketCap, QNT has added 22.33% in the week, with an intraday gain of 16.56%. Ranked #31 by market cap, the cryptocurrency is the highest gainer among its predecessors. The cryptocurrency has been on a non-stop bullish move for the past one month. The bullish momentum, however, started way back in June. CoinJournal investigates why.
Well, the gains in QNT reflect positive developments. On June 30, Quant announced a tokenisation product tokenise. The product will let developers create digital assets and interoperable tokens on Polygon, Ethereum, and XDC. Again, on August 22, Quant announced a non-fungible token standard, QRC-721, in line with its tokenisation mission.
Lately, Quant issued an update on its Overledger product. The update improved transactions on Ethereum, as well as the functionality of the QRC-721 tokens. There are speculations that Quant could be enjoined in the development of Central Bank Digital Currencies.
QNT trends higher as bulls eye $197
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Source – TradingView
On the weekly chart, QNT trends upwards. The cryptocurrency has overcome resistance at $152 and is pushing higher. The token has more room to move higher because QNT’s next resistance lies at $197. An RSI reading of 66 also suggests room for upside
Should you buy QNT?
The bullish momentum of QNT makes it attractive in the bear cryptocurrency market. With the strong defiance of the ongoing macro concerns, QNT is a buy toward the $197 resistance. Nonetheless, an attractive entry lies lower, potentially at $152 or $129. Investors should buy the token on clear bullish signs at the mentioned zones.