The crypto market has received a breath of fresh air over the past week as Bitcoin begins to finish its 9 day rally back to the $40,000 range. But there is one crypto that has been seeing new highs each week while most of the market continues to lull.
Quant Network, the world’s first provider of true universal DLT Interoperability, has seen an insane amount of buy volume over the past 24 hours on the Kucoin crypto exchange after breaking its long term psychological resistance of $100. At the time of writing, QNT has seen nearly 17.3 Million units traded since 0:00 UTC, with average volume over the last 20 days at 2.98M – almost 6x average volume and is trading in the $120 range.
Less than a week ago, on July 21 I reported about Quant Daily Volume exceeding the highest ever recorded average of 4.21M tokens and the implications that could follow. Today’s volume has resulted in a 30% price increase (at the highs) and has now surpassed the highest ever recorded volume on Kucoin by more than 3x.
These metrics are very significant because they show increasing buyer demand for Quant, which is a project with an incredibly scarce supply of only 14.6M total. If you consider the volume trend over the past 70 days, its clear that pressure is increasing at a rapid pace.
As the supply continues to make its way into the wallets of long term holders, liquidity on exchanges will continue to diminish at lower prices. The potential for extreme volatility is high due to this scarce supply.
Most of the volume on Kucoin is seen during the Asian sessions, which indicates increasing global demand for the token. As Quant gets listed on more exchanges, I expect to see demand continue to increase as more participants are able to enter the market.
After such a large move today, it would be healthy for QNT to take a breather and consolidate around the psychological high of $100. Once inside this range, I would expect the Fibonacci growth cycle to show short term resistance at these price points: $123.60, $138.20, $150.00, $161.80, $178.60, $200, with $138.20 and $161.80 being the hardest to break.