QNT price defied the bearish market trend by rallying 125% after a successful listing on Coinbase and endorsements from well-established tech companies. Real-world use cases and delivered value are important when evaluating the long-term prospects of a cryptocurrency project, and this is especially true in down markets when sentiment is low and the possibility of an extended bear market is a reality.
One project that has been gaining momentum over the past month despite the market-wide downturn is Quant (QNT), an interoperability-focused project designed to help enterprises integrate and operate distributed ledger technology (DLT).
Data from Cointelegraph Markets Pro and TradingView shows that following a brief dip to $44 on June 22 as the entire crypto market faced a sell-off, the price of QNT surged more than 125% to establish a new record high at $99.11 on June 25.
The rapid turnaround in the price for QNT following the pullback was due in large part to its listing on Coinbase Pro, which began accepting deposits on June 23. Price action for QNT began to pick up on June 24 as trading via limit orders opened up on Coinbase Pro, and its addition to the front-side of Coinbase which includes the Andriod and iOS apps on June 25 saw another boost in trading volume and token price.
As a result of the momentum brought by the new listing, the average 24-hour trading volume for QNT soared on June 25.
Prior to the Coinbase listing and market sell-off, QNT price began to gain traction around June 14 following the release of a mid-year technology update called Overledger 2.0. This is the project’s hallmark “DLT gateway that delivers interoperability across different systems, networks and DLTs,” according to the project’s website.
Excitement for the update had been building since early June as evidenced by the recognition Quant has received from several reputable sources including cloud infrastructure provider Oracle and the professional services network Deloitte, which included the project in its nominations for the Most Disruptive Fintech Award for 2021.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for QNT on June 22, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for Quant actually reached a high score of 71 on June 22 as the market was selling off and was subsequently followed by a 125% rally in price over the next three days.
The NewsQuake™ service from Cointelegraph Markets Pro also highlighted the Coinbase listing announcement on June 24, which was followed by a 50% increase in the price of QNT over the next two days.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||76%||49||$49 177.82||-7.92%||-10.53%||$929 035 044 566|
|2||ETH||Ethereum predictions||82.8%||34||$4 092.88||-2.38%||-0.69%||$485 446 527 829|
|3||BNB||Binance Coin predictions||81.2%||30||$563.52||-4.86%||-7.33%||$93 995 664 394|
|4||USDT||Tether predictions||95.6%||1||$0.999981||-0.03%||0%||$74 156 265 433|
|5||SOL||Solana predictions||72%||60||$203.61||-3.36%||4.31%||$62 231 324 330|
|6||ADA||Cardano predictions||67.6%||67||$1.42||-8.66%||-8.56%||$47 386 208 203|
|7||XRP||XRP predictions||71.2%||64||$0.847073||-8.28%||-10.87%||$40 021 926 228|
|8||USDC||USD Coin predictions||96%||2||$0.999590||-0.04%||-0.01%||$39 871 779 233|
|9||DOT||Polkadot predictions||61.6%||74||$29.29||-12.73%||-17.58%||$28 929 753 364|
|10||LUNA||Terra predictions||68%||62||$74.10||13.99%||67.51%||$28 735 392 986|
|11||DOGE||Dogecoin predictions||62.8%||71||$0.178634||-10.26%||-13.05%||$23 648 648 660|
|12||AVAX||Avalanche predictions||64%||74||$92.34||-12.64%||-18.20%||$22 411 255 216|
|13||SHIB||SHIBA INU predictions||63.6%||73||$0.000037||-7.81%||-5.02%||$20 467 328 342|
|14||CRO||Crypto.com Chain predictions||58.4%||83||$0.605372||-3.98%||-24.08%||$15 293 531 006|
|15||MATIC||Polygon predictions||69.6%||59||$1.99||-10.33%||22.67%||$13 980 255 925|
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