QNT is the Quant network’s native cryptocurrency that powers the ecosystem and is used as the sole payment method for the use of Quant network’s products, which aims to bring interoperability to blockchains. Last year brought a myriad of challenges for the cryptocurrency market, and it is important to note that QNT, like most other cryptocurrencies, came under selling pressure after the collapse of FTX.
The cryptocurrency market is still not able to show positive signs, and the upcoming weeks could be a tough period for Quant (QNT). Major central banks signaled that they would keep lifting interest rates in 2023 in order to bring down inflation, and investors continue to worry that aggressive monetary policy could cause a multiyear recession.
The cryptocurrency market is correlated to equities and vulnerable to macro market shifts, while many analysts said they would not be surprised to see Bitcoin below $15,000 in January 2023. If this really happens, Quant (QNT), together with many other cryptocurrencies, would be at lower price levels.
On the other side, a global asset management firm Bernstein reported this week that it continues to support the industry and sees buying opportunities in various cryptocurrencies. Bernstein analysts remain optimistic that many cryptocurrencies could reach new heights, and they said in a note to its clients:
“While a bear case for crypto does exist, such as unfavorable macro conditions and regulatory threats, advancements in blockchain technology could potentially overcome these challenges in the future. Ultimately, investors should focus on long-term consumer adoption if they plan to see significant returns over time.”
Technical Analysis Of Quant (QNT)
The price of Quant (QNT) has weakened from $228.30 to $94.08 since October 17, 2022, and the current price stands at $107.36. The price has formed a bearish rectangle pattern, a continuation pattern that typically resolves after the price breaks out of its range while pursuing the direction of its previous trend.
QNT might have a hard time holding above the $100 level in the upcoming days, and a break below this level would indicate that we could see this crypto at $90 or even $below. The upside potential remains limited for now; still, if the price of QNT jumps above $130, the next target could be $140.
Quant Price Prediction For Janurary
The cryptocurrency market is still not able to show positive signs, and in the days ahead, QNT might have a hard time holding above the current support level, which stands at $100. A short-term QNT price prediction is determined by a break below these levels, which indicates that we could see QNT at $90 or even $80.
This is not investment advice or financial advice, and any investment decision must be taken with precaution.
