Price jump for Quant (QNT) kicks off year-end rally

The price of the altcoin Quant is making another push just before the end of the year, cementing it as one of the strongest cryptocurrencies of 2022.

The price of the altcoin Quant is on another push just before year-end, helping it stand among the strongest cryptocurrencies in 2022.

The tough crypto year of 2022 is wrapping up soon. Despite a heavy pullback across the broader market and price corrections of 80 points or more for many altcoins, a few cryptocurrencies managed to dodge the downside a bit better. Alongside Polygon (MATIC), the top gainer among the 20 largest crypto projects, Quant (QNT) also moved well. While Quant retraced about 80% from its high to an interim year-to-date low around $40 USD, it clearly recovered in the second half of the year and hit a year-low around $228 USD in October, before price action consolidated back toward $100 USD. In what looks like a breakout zone, QNT seems to have formed a bottom in recent days. Given the weak performance of many other altcoins, this move stands out. A few days before year-end, Quant is clearly more bullish than most other large cryptocurrencies, with just a 40% drawdown over the past 12 months. Whether QNT can sustain its positive price trend and which price levels will matter in the coming weeks and months will be explored in this article.

A breakout above $133 USD would give Quant another boost.

As long as QNT can hold above the $100 USD level, the chart is bullish. Quant would then attempt another push toward the first strong resistance at $133 USD. If QNT breaks sustainably below the support zone between $84 and $88, a continuation of the correction is in sight.

QNT: Bullish price targets for the coming weeks

To confirm the recent rebound and unlock more upside potential, buyers must first break through the recent Supertrend resistance dynamically. If the bulls can close the day above $125 USD, a quick jump to the latest interim high at $133 USD is likely. Here, buyers need to keep control to avoid forming a double top. If Quant can later hit a new high, the bullish market structure is confirmed. The $145 USD resistance then comes into view as a price target. This area is where the 38th Fibonacci retracement from the latest move meets a key horizontal resistance level. If this resistance also breaks, the orange zone between $155 USD and $161 USD will be activated as the next relevant target area. In the near term, however, QNT is unlikely to reach it initially.

Stabilization in Bitcoin could help Quant

Only if the Bitcoin price can recover and break out above $18,400 USD could Quant reach the resistance zone between $174 USD and $181 USD. This zone is considered a near-term target area for the coming weeks. If the bulls also clear this strong resistance on a medium-term basis, the chart would stay constructive. A move higher to $209 USD, or perhaps even up to the year's high of $228 USD, is then not out of the question. The initial target for the first half of 2023 is $259 USD. Only if this resistance—seen as a cross-resistance—sustainedly breaks would investors see the red zone between $278 USD and $312 USD as the next upside zone.

QNT: Lower price targets for the coming weeks

If the crypto market stays weak and Bitcoin trends toward USD 15,000 in Q1, Quant could struggle to hold the $100 level. If support gives way and the price drops below the September low of $94, the bulls will have to defend the $92 area. If QNT breaks below this price, the September low of $87 comes into play. It’s crucial that the support zone holds to avoid clouding the bulls’ chart picture. If bears push lower, a deeper move becomes more likely. The corrective move could extend to $74. A quick spike toward $70 is also possible.

A pullback is possible

If traditional equities stay weak and the entire crypto market drags, QNT could slip toward the $60 support. If this horizontal level doesn’t hold, the sell-off could extend to $48. In that case, increased resistance from the Bull camp is expected. If buyers stay sidelined, investors would focus on the gray zone around the June 2022 low. A bullish relief rally in this zone is very likely. If that isn’t enough and Bitcoin corrects toward $12,500 or lower, Quant could target a new all-time low and slide toward the $25–$20 range. Above $92 USD, the bulls still hold the reins, supported by active buy signals on MACD and RSI indicators.

Disclaimer: Price estimates on this page are not buy or sell recommendations. They are merely an assessment.