Why Is BENQI’s QI Token Going Up? Analysts Agree Price Has Room to Run, Here Are Their Targets
BENQI’s QI token has experienced a price pump, surging more than 12% in the last 24 hours. This rally comes after a successful retest of a descending trendline breakout, indicating that the token has potentially broken out of a bearish pattern.
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Factors Contributing to the Bearish Move
Several factors could be contributing to the price surge and breakout. One of the key drivers appears to be BENQI’s forward-thinking partnerships, such as the one with Monroe Protocol. Monroe, a new omnichain stablecoin now live on Avalanche, has partnered with BENQI to offer the Avalanche ecosystem new strategies involving sAVAX, the synthetic asset tracking the price of AVAX.
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Show more +According to the announcement, users can engage in various leverage yield strategies or single-sided token strategies by utilizing sAVAX and/or monUSD on Monroe’s platform. Additionally, as part of the Liquidity Book Rewards program, the monUSD-sAVAX liquidity pool will be incentivized for eight weeks with at least 1.2 million QI tokens added to the pool.
Another notable partnership is with Term Labs, a flexible, scalable, and non-custodial lending protocol. Term Labs has joined forces with BENQI, allowing users to use sAVAX as collateral to borrow USDC, providing them with the power to obtain fixed rates by staking AVAX.
BENQI’s Price Has Room to Run
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With QI currently trading at around $0.019, we see the potential for a 100% rally to the top of the channel at $0.038, based on the breakout and the price action. A breakout from such descending pattern could lead to a bullish surge to the top of the channel.
Given the promising partnerships and the breakout from the descending trendline, many other analysts analysts are bullish on QI’s potential. One analyst, identified as Crypto | ChartMonkey (@ChartMonkeyBTC), anticipates a 50% bullish wave in the coming days, calling for traders to “get ready for lift-off!”
As the QI token continues to gain traction and BENQI expands its partnerships, the cryptocurrency community will be closely watching its performance and the potential for further upside.
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