The QUANT price has surged 190% since the 20th of July. But can QNT keep rising at this rate, or is a correction overdue?
Quant Token (QNT) was listed on the Coinbase exchange on the 21st of June, as the cryptocurrency market suffered a hangover from May’s historic collapse.
QNT kept in step with the broader market during the malaise that continued through the third week in July. By the 20th, The Quant price had lost more than 35% from its $87.98 listing price and appeared in trouble.
However, since then, QNT has been on a tear. By Monday of this week, QNT had gained 250% and was knocking on the door of $200. However, the price has drifted lower and is currently around 16% beneath the $197 high, and changing hands at $166.50.
In the short space of time since its listing, the Token has become the 50th-largest cryptocurrency. And its $2 billion market cap now exceeds that of more established players such as BitTorrent (BTT) and Huobi Token (HT).
The hype surrounding Quant is due to the potential of the project. Its goal is to act as an operating system that seamlessly connects blockchains and networks globally.
Obviously, this is a huge undertaking, but Quant may prove an interesting long-term investment opportunity if successful.
QNT Price Forecast
The 30-minute chart shows the Quant price has enjoyed a smooth ride higher over the last two weeks, without any material pullbacks.
Despite this, the Relative Strength Index is far from stretched. Its 52.72 reading doesn’t indicate an imminent reversal.
However, the crypto market is taking a pause here following Bitcoin’s reversal below $40,000. And further weakness in the complex may soon start to weigh on QNT.
Although, an obstacle to making a Quant price prediction is a lack of sufficient data. The token has only been trading for a short time, and therefore, many useful technical indicators are redundant.
On that basis, traders should exercise caution. This is not to say that Quant is not a good investment. It merely suggests it is too early to make that judgement.
That being said, the Quant Token is on our watchlist, and we will update you with actionable trading ideas in the future.
Quant price chart (30-Minute)
For more market insights, follow Elliott on Twitter.