The quant price continues to show strong resilience in the markets and is one of only a few cryptocurrencies currently trading against the recent bearish trend of the industry. Today, it is up by a percentage point. However, it is highly likely that it may close higher by the end of the day.
As major coins continue to plummet, most investors have run to projects such as Quant based on recent data that shows the price surge has been driven by the increasingly high volume and trading activity. Quant has also shown resilience in the markets despite changing economic conditions that trigger other cryptocurrencies to drop.
This was evident on September 13 when the US Federal Reserve released inflation figures. Whereas other major cryptocurrencies reacted by becoming bearish, Quant could recover fast and trade against the resulting bearish trend.
Quant Price Analysis
However, despite having shown a strong bullish analysis that resulted in its prices going up by 47 per cent, the past few trading sessions have traded sideways. October also shows Quant being down by a percentage point after dropping by more than 10 per cent in the first few trading sessions.
Looking at the chart below, the price action also gives the impression that the bullish move from last month has lost momentum. Since September 30th, the trend has been mostly sideways. Technical indicators such as the Williams Alligator also show a weakening bullish trend and a possible continuation of the sideways market.
Therefore, for the next few trading sessions, I expect the prices to continue trading sideways despite the bullish long-term trend. I expect the current price zone of $140 to continue holding and Quant trading within narrow price margins of $130 and $145 for the next few sessions.
However, my long-term price prediction is for the prices to continue with the bullish trend, with a likely trade above the $160 price level after the current choppy market ends. Therefore, a price drop below $130 will invalidate my sideways market and bullish trend analysis.