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Quant (QNT) Shows 7.6% Rise, Remains on Market Leaderboard, But Things Don't Look Promising

Mon, 10/31/2022 - 10:31
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Arman Shirinyan
Thanks to recovery of DeFi, QNT is actively growing on the market, but lack of fundamental support is bearish factor
Quant (QNT) Shows 7.6% Rise, Remains on Market Leaderboard, But Things Don't Look Promising
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The 31st coin, Quant, has been showing some exceptional performance on the cryptocurrency market in the last few days. The main reason behind the growth could be tied to the recovery of the DeFi industry, as Quant offers solutions to developers building decentralized multi-chain applications.

Since September, QNT has been showing some exceptional performance, and gaining more than 100% to its value as of Oct. 17. However, the lack of long-term support from investors led to a correction and negated almost half of what it has gained since September.

QNT data
Source: TradingView

The 7% growth QNT is showing right now could be the beginning of another growth cycle. From a technical perspective, the reversal occurred around the 21-day moving average, which usually acts as a short-term support level for assets in an uptrend.

However, investors should not hang too much hope on the aforementioned level, as the most likely outcome would be a reversal to the 50-day moving average and consolidation from there. Unfortunately, volume profiles show that a reversal is more likely than the continuation of the rally.

DeFi's growth decelerates

A recovery of decentralized finance can be considered one of the main growth factors for the cryptocurrency, which focuses on building decentralized multi-chain applications with the help of Overledger technology and building the business model around it.

SHIB Price Analysis for October 30

To build applications while using Quant's ecosystem, developers have to hold a certain amount of tokens in their wallet, which incentivizes the asset's growth on the market. At press time, Quant is trading at $168, with a 7% price increase in the last 24 hours.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.