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Ever since the start of the year, the crypto industry has been struggling in terms of prices. For the most part, the first few days of 2022 saw a certain stability, likely due to lower activity as traders and investors took a break from trading to enjoy the holidays.
However, after about a week, the crypto market started to struggle, and the persistent bear market took over, causing the coins to see another severe drop in value.
Quant (QNT), for example, saw its price crash from $180 in those early days of January to $90, losing 50% of its value in only three weeks. Of course, this new drop is only a continuation of the crash that started after QNT hit its all-time high last year.
Quant in 2021: Rise to ATH
In early 2021, Quant price was fairly low, sitting at only $11. However, given that Bitcoin was leading the crypto industry towards its largest rally in history, this was also the time when altcoins started joining in. Quant’s progression, however, was quite mild compared to most of its peers.
The coin slowly climbed throughout January, reaching the resistance at $40 on February 2nd. Unfortunately, this resistance held it for months to come. Throughout February, March, April, and even the first half of May, QNT remained below it. In mid-May, it just managed to breach it when the crypto price crash occurred, forcing most coins to lose at least 50% of their value.
Quant, on the other hand, simply dropped from its new milestone at $61 — which was an ATH at the time — back under $40. However, this was only the start of the coin’s atypical behavior. While most other cryptos lost their value further as the summer progressed, QNT actually started rising almost immediately after it dropped below $40. It quickly broke the resistance again, and it started using it as a support. It then surged to just under $80 in mid-June, and it climbed to $92 by June 25th.
Correcting a bit after making this milestone, it dropped just below $80, which became its new resistance, where it remained until July 20th. On this date, the bearish impact on the market ended, and all coins started skyrocketing again.
This time, QNT joined in, and by August 1st, it added nearly $100 to its price, reaching a brand new milestone at $176. However, this was still less than half of its final achievement in 2021, which was made on September 10th. After a particularly strong and fast price growth, Quant reached an all-time high at $393.54 on this day, marking it as its final milestone of the past year.
From then on, the coin was mostly just spiraling down. It first dropped to $266 on September 21st, only to recover to $337. It then dropped again to a support at $280, which held until November 1st, when it finally got broken, allowing the coin to fall through it and sink to $165 by December 10th. This was its next strongest support that held until January 16th, 2022.
Once it broke, the coin sank to $90, only to recover to $110, and then sink to $90 again, and again recover to $100. But, in the last 24 hours, QNT started seeing a somewhat sharp 10% growth, as the crypto market started trading in the green. While this is likely not the last that we have seen of the bearish trend, it might be possible that the coins will get a small break before the bears return and force them back down once more.
To learn more about this token visit our Investing in Quant guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.