Despite the reigning optimism, certain factors suggest a mass sell-off may be approaching.
ByDimitar Dzhondzhorov
September was a strong month for many cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Zcash (ZEC), all of which posted significant gains.
Nonetheless, their pumps can’t be compared to what happened with Quant (QNT). The altcoin became a sensation after surging nearly 400% in a month, fueling expectations of a continued bull run among top analysts. On the other hand, traders and investors should tread lightly, as key signals suggest a short-term pullback may be coming.
Final Barrier Before the Real Boom?
As of this writing, it seems surreal
As of this writing, it seems surreal that less than two weeks ago QNT was worth around $60. By the end of September, the token’s price skyrocketed to nearly $350, and now it trades just under $280.
Perhaps the biggest catalyst for the rally was the announcement that The Clearing House (which operates payment networks that process over $2 trillion each day) selected Quant to power its On-Chain Money Initiative.
One of the many analysts commenting on the token’s bull run lately is Ali Martinez. Earlier today (October 1), he set $430 as key resistance, which sits at the top of a certain channel.
In his view, a decisive break above this
In his view, a decisive break above this level could send QNT into price discovery mode, potentially triggering another parabolic expansion toward an all-time high of $2,000.
Jia Crypto also made an optimistic prediction, albeit far less bullish than Martinez’s take. She believes QNT could cross $300 “soon with big profits,” and then might rise to $400.
