Quant crypto price surges as exchange reserves plunge
Quant crypto price popped to its highest point since October 10 as the supply in exchanges plunged and demand in the futures market increased.
- Quant token jumped to the highest point in over a month.
- The surge happened as the futures open interest soared.
- It also occurred as the supply in exchanges plunge.
Quant (QNT) token retested the important resistance level at $100 and was one of the best-performing coins today, Nov. 28.
The surge happened as demand for the coin rose. Data compiled by Nansen shows that the supply in exchanges dived suddenly this month, a sign of increased buying among investors.
The supply plunged to 3.06 million, down from the June high of over 3.6 million tokens. At the current price, it means that investors have moved tokens worth over $53 million. Exchange outflows are a positive sign, as they indicate that investors are buying.
Meanwhile, demand for the Quant token in the futures market rebounded, hitting $20 million, its highest point since October 10, when the crypto market suffered the biggest liquidation ever. Its open interest has been rising gradually from this week’s low of $11 million.
Quant token has been in the spotlight in the past few months as the real-world asset tokenization theme has soared. It is widely seen as RWA token because of it Overledger product, which is now being used by Oracle.
Overledger is an interoperability platform enabling communication and asset transfers across multiple blockchains and traditional finance systems. It is a more advanced platform than Chainlink’s CCIP.
Quant also created QuantNet, which acts as an operating system for the RWA industry. It solves the fragmentation problem in the RWA industry by connecting tokenized money, assets, and existing payment systems through one layer.
Quant crypto price technicals point to a rebound
The daily chart shows that the QNT price rebounded to the highest point in a month. This rebound happened after the token formed a double-bottom pattern at $68.87 and a neckline at $97.85, its highest point on November 13.
Quant price moved above the upper side of the descending channel pattern, confirming a breakout. It has moved above the 50-day and 100-day Exponential Moving Averages, a sign that bulls are gaining momentum.
Therefore, the token will likely continue rising as bulls target the key resistance level at $120. This price is about 28% above the current level.
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