Quant's Price Pattern Suggests 70% Surge Amid Market Volatility

Quant, a cryptocurrency known for its algorithmic stability, has recently formed a rare technical pattern that suggests a potential 70% surge in its price. This pattern, identified by technical analysts, indicates a significant bullish momentum that could drive the price of Quant to new heights. The pattern is characterized by a series of higher lows and higher highs, which is a classic indicator of a strong upward trend.

The formation of this pattern is particularly noteworthy because it comes at a time when the broader cryptocurrency market is experiencing volatility. Quant's unique algorithmic design, which aims to provide stability and predictability, has historically made it less susceptible to market fluctuations. However, the current pattern suggests that even stablecoins like Quant are not immune to the broader market trends.

Quant's price has rebounded in the past few months following its expanded partnerships with the European Central Bank and Oracle. The cryptocurrency was trading at $105 on July 4, up over 75% from its lowest level this year. This rally has brought its market capitalization to over $1.2 billion, ranking it as the 60th largest coin in the industry.

Quant Network gained traction earlier this year when Oracle launched the Oracle Blockchain Platform Digital Assets Edition using its technology. This enterprise-grade solution is designed to streamline the development and deployment of digital asset applications. It simplifies and accelerates tokenization efforts by integrating a robust distributed ledger infrastructure with pre-packaged smart contracts. Oracle utilizes Quant’s Overledger solution in this product.

Quant Network further rallied after being named among a group of companies assisting the European Central Bank in developing a digital euro. There is optimism that the ECB may also adopt Quant’s Overledger solution. Overledger is a blockchain-agnostic operating system that enables interoperability between blockchain networks and traditional systems.

Quant’s price may also benefit from the development of Fusion, a framework designed to secure assets, data, and logic across both public and permissioned distributed ledgers. Fusion’s Devnet launched last week, with the testnet scheduled for release this month. The mainnet is expected “within months,” to be followed by the mainnet+.

On-chain data shows that the supply of QNT tokens on exchanges has dropped to 1.64 million, its lowest level since May 25, a sign that investors are moving their tokens into self-custody wallets.

The daily chart indicates that QNT bottomed at $59.25 in April and rebounded to $120 in June. It has formed a cup-and-handle pattern, characterized by two distinct swings and a rounded bottom. The recent retreat represents the handle portion of this formation. The distance between the cup’s upper and lower bounds is approximately 50%. Projecting this same distance from the upper boundary points to a potential rally toward $180, representing a 71% gain from the current level. However, this bullish forecast would be invalidated if the token drops below the support level at $85.78.

The potential 70% surge in Quant's price is based on the historical performance of similar patterns in the past. According to the analyst's forecast, if the current pattern holds, Quant could see a significant price increase in the coming weeks. However, it is important to note that technical analysis is not an exact science, and there is always a degree of uncertainty involved in predicting price movements.

The formation of this rare pattern in Quant's price chart has sparked interest among investors and traders alike. Many are closely monitoring the situation, hoping to capitalize on the potential price surge. However, it is important to remember that investing in cryptocurrencies is inherently risky, and investors should always do their own research before making any investment decisions.