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Quant price is soaring after UK banks explore tokenized deposits
Quant ($QNT) token has staged a strong comeback in the past few weeks, moving from a low of $55.48 in August to a high of $104.3 today. This surge happened after several UK banks like Lloyds, Barclays, Monzo, and HSBC UK executed the first tokenized deposits through the Great British Tokenized Deposit (GBTD) initiative. This transaction was powered by Quant’s technology.
The daily chart shows that the $QNT token bottomed at $55.48 and then started a strong comeback, eventually, reaching a high of $104 today. As it soared, the token moved above the crucial resistance level of $84.71, its highest level on May 16 this year. It is about to form a golden cross pattern, which happens when the spread between the 50-day and 200-day moving averages narrows.
$QNT price chart | Source: TradingView
The risk, however, is that the coin has now become highly overbought, with the Relative Strength Index (RSI) hitting 80. Therefore, there is a risk that it will retreat and retest the key support level of $84.7. Such a move would signal a break-and-retest pattern, which is a common bullish continuation sign in technical analysis.
Chainlink price forecast
Chainlink token has also bounced back in the past few months, moving from a low of $7.15. This rally has soared as demand for tokenized assets has continued rising this month. This is crucial because Chainlink is the biggest oracle network in the industry.
Technicals suggest that the $LINK price has more upside to go. It has already formed a golden cross pattern, which happens when the 50-day and 200-day moving averages cross each other.
$LINK price chart | Source: TradingView
The token also retested the crucial support level of $10.26, its highest level on May 10th this year. Therefore, the path of the resistance for the token is bullish, with the next target to watch being at $15. A move above that level will raise the possibility of the token hitting $20.
Ondo price forecast
Ondo token has been in a strong rally this month, a move that accelerated after the Securities and Exchange Commission (SEC) gave tokenization an innovation exemption. It also accelerated after partnering with BlackRock, the biggest asset manager in the world.
Ondo price has jumped and crossed important resistance level of $0.4843, its highest level on May 9 this year. Moving above that level confirmed the bullish outlook. It also suggested that bulls have prevailed.
Ondo chart | Source: TradingView
The Average Directional Index (ADX) has continued rising, a sign that the momentum is continuing. However, the coin has also moved to the overbought level, meaning that a brief pullback is possible.
