Even as the market begins to retrace, QNT is showing strong price movements as it defies the trend and continues to rise. Although the asset’s price movement has been impressive, investors should keep in mind that several other coins can deliver gains.
QNT Defies Market Trend
Although coin prices took a significant step forward over the past week, the market appears to have cooled in the last 24 hours. The broader market has shed 2.77% of its value, with the crypto market cap now fighting to maintain its place above the trillion-dollar mark.
Nevertheless, the Quant protocol’s QNT token has managed to buck the trend. Trading at $155.20, QNT is up by 6.24% in the past 24 hours. The digital asset has been a solid performer, with a 45% surge in the past month. And as crypto prices continue to impress investors, QNT is one of the major names to keep in mind.
QNT’s price gain has done relatively well for its technicals. The asset trades ahead of all its moving average(MA) indicators, ranging from the 10-day MA of $153.5 to the 200-day MA of $145.8. Its short-term indicators threaten to catch up to its price, but a sustained rally should help QNT stave off the challenge.
A positive moving average convergence divergence (MACD) shows that QNT is giving off a buy signal. However, the asset’s relative strength index (RSI) of 53.85 shows it is approaching the overbought region.
Broader Market Rally Spurs QNT
Quant is a blockchain protocol looking to solve the interoperability problem in blockchains. The platform provides infrastructure that allows blockchains to connect, share data and resources.
So far, the reason for the QNT price surge appears to be an extended effect of the market rally. The crypto space has seen a significant rally in value following the announcement of better-than-expected Consumer Price Index (CPI) numbers earlier this month.
With inflation starting to drop, many believe the U.S. Federal Reserve could finally drop interest rates. This will free up capital for investors to back risky assets like cryptocurrencies. Altcoins have been especially vibrant since the announcement, and investors can expect even more gains if the Fed truly decides to cut interest rates at the end of the month.
Time to Consider High-Performing Presales
As investors continue to look into QNT’s price rise, it is also worth noting that several other assets could be just as profitable. The market is filled with several high-performing presales, many of which provide opportunities for gains. Those looking for short-term and long-term gains should consider the best altcoins to buy listed below.
One impressive asset is MEMAG. The native token for the Meta Masters Guild – the first mobile-focused web3 gaming platform – has raised over $1.36 million in capital thus far, showing significant investor demand.
Investors would also want to keep an eye on FGHT. The digital asset developed by the Fight Out move-to-earn platform has seen over $3.41 million in investor commitments thus far.
Investors should keep an eye out for top cryptocurrencies 2023.
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