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The price of Quant (QNT) has increased more than 6% in the past 24 hours and roughly 24% in the past week. The upside follows a major flip in sentiment across the crypto market, with Bitcoin’s jump to $35k a key catalyst for latest altcoin positioning.
Analyst shares Quant price prediction
QNT price above $100 has some analysts predicting a possible breakout to prices last seen in October 2022, with key targets at levels hit in June this year.
According to Captain Faibik, Quant price has broken above the resistance line of a falling wedge pattern, with the outlook on the 3-day chart suggesting a potential 80-90% upside move.
“QNT Bulls are finally back in the town,” the crypto analyst noted on X, adding that this token looks “pretty solid” for a bullish rally next month. The prediction is for price to rally to highs above $180.
$QNT Bulls are finally Back in the Town..📈🎃
— Captain Faibik (@CryptoFaibik) October 26, 2023
Falling Wedge Breakout confirmed in the 3-day timeframe.
Looks Pretty solid for the 80-90% Bullish Rally in November.#Crypto #QNT #QNTUSDT pic.twitter.com/lCKvAdNoTn
The daily chart also shows that the QNT price is tracking a crucial breakout. While the Relative Strength Index (RSI) in this time frame is in overbought territory, the last time it was at these levels saw QNT rally to highs of $158.
Prior to that, an extremely overbought RSI reading of 85 saw QNT/USD hit highs above $228.
An immediate hurdle is likely around $112, a key point of rejection on three different occasions since June 17, 2023. Things going south could bring the support area at $84 into play.
Potential long term QNT price triggers?
Positive sentiment around Quant’s native token comes as major banks and other financial institutions tap into its blockchain technology. That’s what’s helping the bullish outlook for QNT, with the crypto asset that powers the Overledger platform likely to benefit more from global developments around tokenisation.
The Bank of International Settlements (BIS) and Bank of England (BoE) are tapping into QNT for their API gateway.
Meanwhile, global banking giants such as JPMorgan and Citi are embracing tokenisation, all scenarios that point to the potential for these developments to aid the adoption curve of crypto. QNT sits at the intersection of what’s possible within the ecosystem.
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