- Introduction
Quant (QNT) is a cryptocurrency and the native token of the Quant Network, a blockchain interoperability platform. It has been one of the best-performing cryptocurrencies in 2023, but its price has recently come under pressure due to volatility in the market as a result of the Federal Reserve’s interest rate hikes.
- Quant’s Recent Price Movement
In recent weeks, Quant’s price has fallen from a high of $135 to a low of $99.50. This drop can be attributed to a number of factors, including the overall volatility in the cryptocurrency market, the Fed’s interest rate hikes, and some negative news surrounding the Quant Network.
- Technical Analysis
A technical analysis of Quant’s chart shows that the cryptocurrency is currently in a bearish downtrend. The price has fallen below all of its major moving averages, including the 50 EMA, 50 SMA, and 200 EMA. This indicates that the bears are in control and that further downside is likely.
- Potential Price Targets
One potential price target for Quant is $683. This is based on a fair value gap and retracement analysis. Another potential price target is $49. This is based on the previous support and resistance level at $66.75.
- Trading Opportunities
There are a number of trading opportunities that traders can take advantage of in the current market. If Quant’s price falls below the 200 EMA, traders can short the cryptocurrency in anticipation of further downside. Traders can also look to enter short positions if Quant’s price is rejected from the 50 EMA or 50 SMA on the one-week chart.
- Conclusion
The overall outlook for Quant is bearish in the short term. The cryptocurrency is currently in a downtrend and is likely to continue to fall in the coming weeks. However, there are a number of trading opportunities that traders can take advantage of in the current market.
