Quant price rises as Oracle announces partnership, CEX balances dip

Quant, the popular cryptocurrency project in the real-world asset tokenization industry, continued its recovery on Thursday.

Quant (QNT) token rose to an intraday high of $97.40, its highest level since February 2nd and 30% above its lowest swing this month. 

The token jumped after Oracle, the 19th-biggest company globally, unveiled its Oracle Blockchain Platform Digital Assets Edition. OBP DA is a new enterprise-grade solution designed to help partners build and deploy digital assets. 

It simplifies the tokenization efforts by combining a bank-grade distributed ledger infrastructure with smart contracts. The platform is built using Quant’s Overledger technology, which enables cross-ledger operations and workflows.

Overledger is often seen as a better and more advanced alternative to Chainlink (LINK) Cross-Chain Interoperability Protocol or CCIP. It enables the OBP DA to ensure atomic settlement with immediate finality and bridge the gap between blockchains.

This is a significant partnership because it showcases Quant’s technology on a large scale. Its success may also push more companies and organizations to embrace its technology. 

Quant token also jumped as a user long-term Chainlink holder swapped his LINK tokens for Quant, a sign that he expects it to do well over time.

Meanwhile, Quant balances on centralized exchanges continued falling, a sign that holders are not dumping. CoinGlass shows that there are 946,000 QNT tokens on exchanges, down from last year’s high of 1.08 million tokens. 

Quant price technical analysis

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. It has 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 is a sign that it has formed a break-and-retest pattern, a popular continuation sign. 

Quant has also remained below the 50-day and 200-day moving averages and the Ichimoku cloud indicators. Therefore, while Quant has strong technicals, there is a likelihood that it will resume the downtrend, and possibly retest the support at $72.55.