Quant Token Sees Recovery Amid Oracle Partnership and Improved Technicals

Quant, a prominent player in the real-world asset tokenization industry, has continued its recovery, with its token price rising to an intraday high of $97.40 on Thursday, marking its highest level since February 2nd and a 30% increase from its lowest swing this month.

Oracle Partnership Boosts Quant Token

The token’s jump can be attributed to Oracle’s unveiling of its Oracle Blockchain Platform Digital Assets Edition (OBP DA), an enterprise-grade solution designed to help partners build and deploy digital assets. OBP DA utilizes Quant’s Overledger technology, which enables cross-ledger operations and workflows, simplifying tokenization efforts by combining a bank-grade distributed ledger infrastructure with smart contracts.

Overledger is seen as a more advanced alternative to Chainlink’s Cross-Chain Interoperability Protocol (CCIP), enabling the OBP DA to ensure atomic settlement with immediate finality and bridge the gap between blockchains.

Significant Partnership and Holder Activity

This partnership is significant, as it showcases Quant’s technology on a large scale, potentially pushing more companies and organizations to adopt its technology. Additionally, a user’s decision to swap their long-term Chainlink holdings for Quant tokens suggests confidence in the latter’s future performance.

Furthermore, Quant balances on centralized exchanges have continued to decline, indicating that holders are not dumping their tokens. According to CoinGlass, there are currently 946,000 QNT tokens on exchanges, down from last year’s high of 1.08 million tokens.

Technical Analysis: Break-and-Retest Pattern Forms

A technical analysis of the daily chart reveals that the QNT price soared to a high of $171.3 in 2024 and retreated to a low of $72.54 last week. The price has since bounced back and retested the crucial resistance at $95.57, the 61.8% Fibonacci Retracement level and its lowest swing in December and January. This forms a break-and-retest pattern, a popular continuation sign.

However, Quant remains below the 50-day and 200-day moving averages and the Ichimoku cloud indicators, suggesting a likelihood of resuming the downtrend and potentially retesting the support at $72.55.

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