Key Takeaways:
- QNT could lose additional 10% in the upcoming sessions.
- The digital asset decoupled from Bitcoin, but could adhere to the ubiquitous market trend.
- Quant overledger 2.2.17 will support Ethereum Merge.
YEREVAN (CoinChapter.com) – DeFi platform Quant (QNT)coin kicked off October with a rally north of 50%. However, as CoinChapter predicted at the peak of the rally, the digital asset lost momentum, price dropped nearly 30%, and entered into a consolidation phase, settling at $163 on Oct 31.
QNT In a Descending Triangle
After peaking at $228 on Oct 17, the Quant coin entered a consolidation phase, as it formed a ‘descending triangle,’ best visible on the four-hour chart. The setup consists of a falling resistance that caps the upside attempts and a flat support, preventing breakdowns.
Generally, descending triangles can form a reversal pattern to an uptrend. Thus, traders can expect a drawdown after QNT exhausts the formation.
As of the European session on Oct 31, Quant coin price approached the triangle’s support. The coin could confirm the prognosis by dropping below the said line at $160. If QNT follows the bearish scenario, it could hit the next possible support at $142, which would constitute a 10% drop for the digital asset.
Thus, Quant investors could expect more pain ahead, despite the Ethereum Merge support, a possible bullish cue in the long term.
Quant Supports Ethereum Merge
Quant supports The Merge. Release 2.2.17 enhances API support for Ethereum testnet Goerli in anticipation of the retirement of Ropsten and Rinkeby testnets.
commented the Quant platform in the latest tweet.
In detail, Ethereum plans to ‘retire’ several existing testnets as a part of the Merge. The Ropsten, Ethereum’s longest-lived proof-of-work testnet, will be shut down in Q4 2022. The Rinkeby testnet is also planned to be retired in 2023.
This release [overledger 2.2.17] completes support for all available Ethereum-based functions for Goerli, including submitting transactions and using the no-code solution to deploy secure, interoperable QRC-20 and QRC-721 digital tokens.
detailed the announcecment.
Also read: Bitcoin Price is About to See Fresh “Liftoff” if It’s Able to Hold $20K.
As CoinChapter reported in the previous QNT review, the broader market conditions still favor the bears, as the recession threatens to push the stocks into a deeper drawdown. Due to Bitcoin’s correlation with equities, the flagship crypto is likely to follow, dragging altcoins to the bottom.
Admittedly, the QNT rally did not go in tandem with the rest of the digital assets. Quant coin’s solo rally did not last long, and the digital asset could resume the drawdown in the upcoming sessions as long as the ubiquitous bearish trend persists.
