Quant: Can QNT become a long-term investment for investors?
Quant is one of the blockchains for organizations, which has the ability to go into wide application. Let's analyze if QNT token is worth long-term investment
Quant [QNT] is one of those blockchain networks that goes largely unnoticed. Perhaps overshadowed by more popular networks, such as Ethereum [ETH]. However, Quant's celebrity count seems to have changed dramatically overnight.
Quant's native cryptocurrency, QNT, made it to the list of top trending cryptocurrencies in the early hours of September 16. A good result from an advertising and visibility perspective and execution. It was reflected in QNT's on-chain performance.
QNT has seen a dramatic increase in social dominance, which explains why it is among the top trending digital currencies. The result also reflects positively on its on-chain volume, which hit a four-week high in the past 24 hours.
The increased volume shows strong activity and for sure, the number of daily active addresses also increased in the last 24 hours. A positive shift in QNT-weighted sentiment precedes an increase in volume as well as address activity.
On-chain analysis indicates that investors are leaning more towards the upside. This sentiment is reflected in the resistance to the decline in the past three days. Furthermore, QNT has also managed to hold above the $100 price point following the midweek rally despite the prevailing bearish market conditions.
QNT is trading at $102.2, up 2.46% over the past 24 hours. This performance, along with the increase since midweek, reflects online observations. It also highlights why QNT managed to outperform its correlation with Bitcoin.
The midweek pivot occurs before the price can fully retest its ascending support line. However, it recovered after earlier falling below the 50% level of the Relative Strength Index (RSI). This move confirms that QNT's upside resistance has been consolidated, allowing it to overcome selling pressure in the market.
What does this mean for QNT merchants?
QNT is definitely one of the cryptocurrencies that investors should consider putting on their watch list. Its latest performance could be an indicator that more traders are realizing Quant's potential.
Furthermore, this result can be based on the network's growth in recent years. However, it does highlight QNT as one of the cryptocurrencies to watch in the next bull run.
Sep 17, 2022