A look at the crypto market trend: price analysis and latest news of Cosmos (ATOM), Quant Network (QNT) and Casper (CSPR) coins.
Full details below.
Summary
Analysis of Cosmos (ATOM), Quant Network (QNT) and Casper (CSPR) cryptocurrencies
Recall that Cosmos (ATOM) is a crypto that powers an ecosystem of blockchains created for the purpose of being scalable and interoperable with each other. Specifically, the team aims to create an internet of blockchains, i.e. platforms that can communicate with each other in a decentralised manner.
Quant Network (QNT) is a cryptocurrency based on blockchain technology. Quant is a DLT (Distributed Ledger Technology) service provider that facilitates connections and communication between blockchains.
CSPR is the native token of the Casper network. It is used to participate in the governance of the platform and to pay transaction-related fees. In other words, Casper validators receive CSPR as a reward.
Is there a bullish momentum for ATOM? What will happen to the cryptos Quant and CSPR instead?
The price of Cosmos (ATOM) has been bullish since March and rebounded sharply on the 10th, raising the possibility of a breakout.
In order for the bullish structure to remain intact, the price of ATOM needs to stay above the current support level and start pushing towards the next resistance level.
Specifically, we can see that the price of ATOM has been falling within a descending wedge since the 14th of March. The descending wedge is considered a bullish pattern, meaning that a possible breakout is the most likely scenario.
The price has bounced off the support line of the wedge three times, each time forming long lower wicks. These wicks are seen as signs of buying pressure, as sellers have been unable to drive the price down until the end of the period.
The wicks also coincide with the long term horizontal support at $10.50, adding to their validity. On the 10th, the price formed a bullish engulfing candle, a typical bullish candle where all of the previous period’s decline is reversed in the following period.
Moreover, it often leads to strong upward movements, which would be in line with the bullish wedge. We will just have to wait and see what happens.
What does involvement in CBDC development in Europe mean for Crypto Quant?
As governments around the world move closer to CBDC’s, the UK’s plans have become more apparent and reportedly include crypto Quant (QNT).
But what does this mean for the future of the crypto network?
According to recent reports, Quant is currently involved in the Rosalind project, a CBDC development project led by the Bank of England and the BIS, which has links to over 60 central banks.
This means that Quant is likely to be contributing to CBDC developments that could span some 63 countries. It follows that Quant’s potential involvement and participation in CBDC development may contribute to strong demand for its services.
If this happens, we can expect to see a wave of liquidity flowing into the Quant network, backed by real-world utility. In addition, its native crypto QNT could benefit, although this is likely to be in the long term.
Instead, in the short term, we see that on-chain metrics reveal a lack of enthusiasm in the cryptocurrency market in recent weeks.
For example, volume has been trading in the same range, with the last peak coming just before mid-April.
In any case, QNT has been in a general downtrend since the last week of January, and did the same in the first ten days of May, and is now trading within a notable support area.
In conclusion, the current market conditions underline a low demand for the crypto, so there is a possibility that QNT could break below support.
The positive sentiment around the crypto CSPR
As we know, the price of Casper (CSPR) has halved in the last year and has risen 63.8% in the first 90 days of 2023. In addition, a recent 7-day price change of CSPR was a gain of 11.9%, helping it to rise to the top of the gainers list.
Currently, Casper (CSPR) is trading around $0.5792, down 2.80%, and its value against Bitcoin has dropped 4.90% to 0.000002021BTC.
Its market cap was revised down 2.78% to $636 million and read volume fell 28.85% to $13.09 million.
Essentially, the significant drop is seen as a breather before the next bull run. Interestingly, social mentions of the crypto rose 33.6% in recent weeks, while social engagements rose 34.1% to 8.3 million.
These figures suggest that positive sentiment is building around CSPR. Furthermore, we can see that the current price of 95.74% is below the all-time high of $1.3633 reached by Casper.
At the same time, it is up 159.98% from the all-time low of $0.02235 reached on 18 June 2022. Finally, CSPR has a yield increase of 93.69%.
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