Quant (QNT) attempts a breakout past former lows with a 14% gain

Quant (QNT/USD) has been gaining significantly during the past few days thanks to the support created by the broader cryptocurrency market. QNT is still over 70% below its all-time high created in September last year.

At the time of writing, QNT was trading at $124.35, gaining by 5.4% during the past 24 hours. The token is up by nearly 14% on a weekly basis.

Quant makes a 14% jump

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Quant has been on a significant uptrend during the past few days. Following an increased buying pressure, QNT has managed to test the higher resistance level at $126. While it has slightly dropped from these highs, buyer and market support show signs that higher highs could be formed.

If QNT continues with the price movement, it will test the other resistance level at $135. QNT was last trading at these levels in mid last month, and now the signs show that it could be testing these levels again and form a new monthly high.

There is increased activity across the cryptocurrency market due to the flocking of institutional investors rushing to escape the traditional financial market that is slumping due to geopolitical tensions. This creates a case for why the market support will remain relatively high. This could lead to QNT’s gains towards $150 and above.

The crypto market is still bearish

On Wednesday, the cryptocurrency market made a huge jump when the entire market cap went back to above $2 trillion. However, a strong bullish trend is yet to be formed, as the current bulls could be caused by a price correction after the prices of the entire market dipped significantly last Thursday. If QNT drops from the current levels, it will go towards the lower support level of $118.

The token was trading at these levels yesterday before a sharp increase was recorded. If it drops further below, the $110 levels will be tested, creating an opportunity for traders to buy again when the prices are low. If buyers fail to jump in at these levels, dropping below $100 is also likely.