Highlights:
- Quant is range bound between $80.09 resistance and $68.68 support
- QNT could rally to $100 if it soon breaches the $80.09 resistance
- Upcoming US Rate cuts and Blockchain Event in Europe could trigger rally
Quant (QNT), like many cryptocurrencies today, is experiencing downward pressure. At the time of writing, Quant was trading at $69.86, down by 1.80% over the last 24 hours. However, technical analysis suggests that a breakout could be on the horizon for Quant, with critical events potentially acting as catalysts for upward momentum.
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Current Price Action and Technical Outlook
Quant’s price action shows it is trading within a broad range, with strong resistance at $80.09 and multi-month support at $57.12. In the short term, a key area to watch is the $68.68 weekly support, where Quant has stabilized for now. Quant has demonstrated resilience above this level, but any significant shift in market sentiment could lead to a major price move in either direction.
QNT could rally to $100 if bulls push Quant through the $80.09 resistance, potentially leading to a higher rally soon. Given the major developments surrounding Quant’s integration with critical blockchain projects, this scenario seems plausible. In contrast, if bearish sentiment prevails and Quant breaches the $68.68 support, it could drop further, bringing the $57.12 monthly support into focus. A fall below this level could see Quant dip below $50 in the short term.
Despite the current adverse price action, the odds of a bullish breakout appear higher. Several factors could increase Quant’s price, particularly the upcoming European Blockchain Convention on September 25.
September 25 – A Potential Catalyst for Quant
The European Blockchain Convention is set to host a panel discussion on September 25 titled, “How Blockchain Can Change Payments and Why Is It So Hard?” This event has garnered significant attention due to its focus on the role of blockchain in transforming the payments industry, a sector that Quant is heavily involved in. The panel will feature notable experts, including representatives from Wire Coin, Raiffeisen Bank International, the Bank of England, and Quant’s Chief Product Officer for Financial Services.
🚀 Uncover the challenges and opportunities in blockchain payments!
How Blockchain Can Change Payments and Why Is It So Hard?
Dive into an insightful discussion on the transformative potential of blockchain in payments and the complexities involved.
Featuring:
– Ousmène… pic.twitter.com/JgtfGgTyf9
— European Blockchain Convention (@EBlockchainCon) September 11, 2024
This high-profile event will showcase Quant’s blockchain technology, particularly its Overledger system, which facilitates interoperability between different blockchain networks. The panel discussion will look into the complexities of integrating blockchain into payments, offering a platform for Quant to highlight its potential impact on the future of global financial systems.
According to the European Blockchain Convention tweet, this panel discussion will also explore the challenges of implementing blockchain in traditional banking and payment infrastructures. As a leading player in this space, Quant’s involvement in these discussions could reinforce investor confidence in the project and serve as a potential catalyst for a rally.
Quant’s Role in Major Blockchain Projects
In addition to the European Blockchain Convention, Quant’s role in other high-profile blockchain initiatives adds to the growing excitement around the token. According to a series of tweets by a top crypto analyst, Quant is involved in some of the most ambitious blockchain projects spearheaded by central banks and financial institutions, including the Bank for International Settlements (BIS).
🚨So let me share the facts here regarding BIS most ambitious prokect Agora and Quant:
1️⃣ Confirmed by Tony from Citi (guy in charge of DLT trials): Agora will be interoperated with UK RLN (which runs on $QNT Overledger) 📸1&2
2️⃣ Confirmed: $QNT is the only crypto involved in a… https://t.co/LtyH9oOlnf pic.twitter.com/UNEj8n8SVd
— San ⭕ (@SanNL11) September 16, 2024
One such project is Agora, which is described as one of the BIS’s most complex and important initiatives. Quant’s Overledger is reportedly the only cryptocurrency system in this project, highlighting its growing importance in central bank digital currency (CBDC) development. As Agora moves to phase three of its development, Quant will gain more recognition, positioning it as a critical player in blockchain-based payments.
The analyst further highlighted that Agora will be interoperable with the UK’s Real-Time Gross Settlement (RTGS) network, which runs on Quant’s Overledger technology. This level of integration places Quant at the forefront of blockchain adoption in global financial systems and suggests that the token could experience significant demand as these initiatives progress.
Broader Market Conditions Could Play a Role
In addition to Quant’s specific developments, broader macroeconomic conditions could also influence the token’s price in the short term. The US Federal Reserve will announce its interest rate decision within 24 hours. If the Fed opts for a 25-basis point rate cut, as some analysts expect, this could trigger a broader rally across financial markets, including cryptocurrencies like Quant.
Conclusion – Quant Primed for a Breakout?
Quant’s current price action suggests that it is at a critical juncture. QNT could rally to $100 despite short-term bearish sentiment pushing the token into the red. The broader technical picture still points to a breakout, especially with the upcoming European Blockchain Convention and the Federal Reserve’s rate decision.
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