Quant price movement: what is QNT and why is it rallying?
- Quant price has jumped in the past three straight days.
- It has risen even as other cryptocurrency prices struggle.
- We explain what Quant is and what to expect in the near term.
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The Quant (QNT/USD) price has made a strong recovery in the past few days. It has jumped in the past three days straight and is currently trading at $136, which is the highest it has been since January 20th. Its total market capitalization has jumped to $1.52 billion, making it the 69th biggest cryptocurrency in the world.
What is Quant and why is it rising?
Quant is a relatively unique blockchain project that differs from other platforms like Ethereum and Solana. It offers a platform that uses a technology known as distributed ledger technologies (DLT).
One solution offered by Quant is known as the Multi-Ledger Tokens (MLT), which enables central banks and other fintech companies issue their own stablecoins from fiat funds. Funds are held n an escrow account and tokens of the same value are issued or minted on a private DLT.
Another solution offered by Quant is end-to-end DLT access. It is provided to companies and consortiums that want to connect to more than one DLT. It can be used in cross-border supply chains.
It also offers solutions in cryptocurrency payments. For example, there is a product known as overledger fir Ethereum, which enables companies and developers to build apps that use the Ethereum network. Quant was started by Gilbert Verdian, a computer scientist.
It is unclear why the Quant price is rising today since there has been no major announcements from the ecosystem. A possible reason is that more central banks are thinking about launching their central bank digital currencies (CBDC).
This week, the Indian central bank said that it will be building its digital currency soon. Other banks considering CBDCs are in Nigeria, Sweden, and even in the United States. Quant price is also rising after it provided interoperability between DLT and other networks.
Quant price prediction
The four-hour chart shows that the QNT price has been in a strong bullish trend in the past few days. The rebound started after the coin’s price found strong support at the key support at $86. It accelerated after it moved above the descending trendline that is shown in black.
A closer look shows that the Quant price has moved above the 25-day and 50-day moving averages. This is a positive thing and a sign that bulls are prevailing.
Therefore, there is a likelihood that the Quant price will continue the bullish trend in the near term. If this happens, the next key resistance level to watch will be at $160.