Saturday, September 23, 2023

BTC and ETH ‘Weakening’ Helps Quant


The combination of Bitcoin’s flash drop and the broader market’s consolidation has created an intriguing chance for certain altcoins to rebound.

When one of the currencies on the Ethereum blockchain moves unexpectedly, independent of ETH, it draws attention to the coin. However, altcoins surging independently isn’t a new phenomenon.

Quant (QNT) had significant increases during a 24-hour period. This is until corrections set in and the greater market consolidated. Quant (QNT) is an Ethereum-based token that aspires to promote blockchain interoperability.

As a result, the issue is, what fueled the alt’s recent climb, and is it an attractive investment?

Fractals’ Bullish Structure

More significant market flash crashes have historically been a favorable opportunity for Quant to rally. Notably, as the broader market fell in September of this year, Quant rose by more than 84 percent. In reality, Quant increased by more than 480 percent from July to September. It increased from $65 to its all-time high of $429.

Quant had gained by more than 40% in the last four days. This is before corrections crept in during the previous few hours, amid another negative market trend.

The altcoin experienced the single highest daily candle spike of more than 28 percent, and its RSI also increased virtually. This was the most significant RSI increase since early September when the altcoin reached an all-time high.

The coin’s stronger stable correlation to Bitcoin could significantly influence the previous bullishness. Bitcoin has acted in favor of the crypto

As previously demonstrated, QNT’s high positive correlation with Bitcoin has proven excellent for rallies.

That isn’t all, as a consistent increase in high transaction volumes for the altcoin is an indication that more prominent players may have returned to the scene — a good omen.

The altcoin’s transaction volumes have also increased steadily since mid-November, showing increased retail interest in the alt.

Furthermore, whales have the highest concentration of owners — another positive sign for the coin’s long-term growth.

All-time Highs

The coin’s trajectory was good throughout the period given, but it will need to break through the $225 barrier to be considered successful. That level would provide significant support for QNT in the mid-to-short term and a good entry point for investors.

The coin’s Sharpe ratio, on the other hand, appeared to be fluctuating between negative and positive values.

As a result, compared to a “risk-free” asset, its performance has been substandard. While the Sharpe ratio has grown dramatically, it still has to move into the positive territory before QNT appears to be on the verge of a rally.

Instead, the currency’s low volatility continues to be a benefit, and QNT’s rise is likely to continue in the foreseeable future if the coin receives adequate retail support.


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