Altcoin
Quant: Could investors consider trending QNT as a long-term portfolio addition
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Quant [QNT] is among the blockchain networks that have flown under the radar for the most part. Perhaps overshadowed by more popular networks, such as Ethereum [ETH]. However, the Quant popularity count seemed to have drastically changed overnight.
Quant’s native cryptocurrency QNT made its way into the list of top trending cryptocurrencies in the early hours of 16 September. A healthy outcome from a publicity and visibility perspective and sure enough, it reflected on QNT’s on-chain performance.
QNT registered a large spike in social dominance, thus explaining why it was among the top trending digital currencies. This outcome also reflected positively on its on-chain volume which registered its highest four-week levels in the last 24 hours.
Source: Santiment
The volume increase suggested strong activity and sure enough, the number of daily active addresses also spiked in the last 24 hours. A positive shift in QNT’s weighted sentiment preceded the volume increase, as well as the address activity.
Source: Santiment
On-chain analysis indicated that investors were leaning more towards the bullish side. This observation reflected in its ability to resist the downside in the last three days. Furthermore, QNT also managed to stay above the $100 price level after its mid-week recovery despite the prevailing bearish conditions in the market.
QNT traded at $102.2, which represented a 2.46% upside in the last 24 hours. This performance coupled with its upside since mid-week reflected the on-chain observations. It also highlighted why QNT managed to overcome its correlation with Bitcoin.
Source: TradingView
The mid-week pivot occurred before the price could fully retest its ascending support line. It did however bounce back after previously pulling back below the 50% Relative Strength Index (RSI) level. This performance confirmed that QNT’s bullish resilience grew stronger, allowing it to overcome the sell pressure in the market.
What does this mean for QNT traders?
QNT is certainly one of the cryptocurrencies that investors should consider having on their watch list. Its latest performance might be an indicator that more traders are identifying Quant’s potential.
Furthermore, this outcome might be grounded in the network’s progress in the last few years. Nevertheless, it highlights QNT as one of the cryptocurrencies to observe in the next bull run.
