Quant price is bucking the trend of the bear market that is affecting the rest of the cryptocurrency market. After the token bottomed out at $40.40, it gained 368% to exchange hands at $189 at the time of writing. QNT’s technical picture seems strong enough to climb the ladder to $500, especially if it can secure higher support – preferably above $180.
Why Quant Price Uptrend Seems Unstoppable
Quant whales are back on their buying spree, according to on-chain insight from Santiment. Addresses holding between 10,000 and 100,000 QNT tokens now account for 21.95% of its total supply
Pressure will keep growing behind Quant price, especially as addresses with 100 to 1,000 tokens rise to a six-month high at 11.41%. QNT’s impressive performance over the last few months can be attributed to the positive impact of its whales. Unless something drastic occurs, Quant price has the potential to rally toward $500.
The network also experienced a spike in volume this week, boosting the price to $228, but QNT immediately retraced its steps back below $200. At the time of writing, QNT exchanges hands at $186. With another on-chain volume burst, it could recommence its second recovery phase beyond the $200 mark.
The dominant price uptrend could stem from a sustained uptick in the number of daily active addresses (DAA). This metric tracks the number of unique addresses actively transacting on the network, either sending or receiving.
Quant’s DAA metric moved significantly northward, tagging a half-year high of 4,642 addresses before correcting to 865 addresses as of Wednesday, October 19. The chart below shows that QNT price is positively correlated with the DAA index. Therefore, its uptrend is secure as long as unique addresses on the network continue growing.
Quant Price Prediction
QNT price action paints a bullish picture following a substantial move from the June lows to its recent high at $228. The MACD (Moving Average Convergence Divergence) reinforces the uptrend after donning a buy signal since early September. As long as its 12-day EMA (Exponential Moving Average), red, stays above the 26-day EMA, blue, QNT’s path with the least resistance will remain to the upside.
Based on the Ichimoku Cloud indicator, the $500 prediction may not be farfetched. Traders use this technical index to mark key resistance and support areas. The Ichimoku Cloud further affirms the trend.
Every time Quant flips above the ‘cloud,’ there is a positive outcome. Hence, the appearance of this indicator beneath QNT on the daily chart is a strong buy signal for the bulls.
Nevertheless, it is worth taking profits on positions as the broader macro environment is still shaky at the moment.
Green Crypto IMPT Worth Considering?
QNT has done incredibly well from its June lows and there are other options for positive returns, even during the ongoing bear market.
One ongoing presale that does seem promising is IMPT, which is an Ethereum-based carbon credit marketplace and green shopping platform. The sale for its IMPT token kicked off on October 3 and has so far raised $5.5 million, with the coin currently available at $0.018 (although the price will soon rise to $0.023).
While IMPT’s future price history can’t be predicted, the IMPT’s fundamentals make it an interesting platform for ESG investors, so it has every chance of seeing a good positive return once it secures its first few listings.