- QNT broke above the $132 resistance.
- The CEO of Quant gave insights on CBDC.
- Trading volume rose by 50%.
The Quant prices surged above the $132 resistance level, marking a bullish swing in the market. The rise is attributed to the recent interview that the CEO of Quant gave to the American Banker, a local media outlet. Gilbert Veridian, the CEO of the Quant network, detailed out the working of CBDC network and the harmony it may establish with the central banks and commercial banks, using private blockchain. He adds, “this interoperability would facilitate transactions between each other, payment companies, merchants and consumers.”
The picturesque
The QNT prices are forming a parallel channel with the current prices rising towards the upper channel. The EMAs formed a golden cross (green circle) displaying bullish signs. The buyer-dominated volume when paired with the rising OBV, suggests the rise can continue until it reaches the resistance level of $145.5.
The CMF rises from the baseline and shows the positive lift in the prices due to the recovering market. The MACD records a long thread of buyers as the lines undergo the bullish divergence. The RSI escalates to the higher ranges of 60-70, transforming from seller-controlled to buyer-influenced.
A closer window
The 4 hour time frame shows the staggered rise in prices. The CMF slips closer to the zero-mark to depict the pace of the rally. The MACD records buyers and sellers taking turns to rule the market as the lines intertwine with each other. The RSI slopes down, while remaining in the ceiling region. The cumulative study shows that QNT price rally may happen over a long duration and is suitable for long-term investments.
Conclusion
The Quant network is trying hard to be in the highlights, but the major reason for the rally can be attributed to the recovering market and price rallies in almost all crypto assets. The price rocket may face resistance near $145.5 level, as the sellers will actively participate to book profits.
Technical levels
Support levels: $103.7 and $86.9
Resistance levels: $145.4 and $169.6
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/01/14/qnt-just-broke-above-132-this-could-be-huge-what-caused-the-rise/