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Cryptocurrency News Articles
Quant (QNT) Price Analysis: Under Bearish Pressure, Exchange Inflows Spike as Holders Lose Confidence
Oct 08, 2024 at 10:30 pm
Quant [QNT] traded at $67 at press time after a 3% drop in 24 hours. Notably, QNT has been under bearish pressure as in the last seven days
Quant (QNT) was valued at $67 at press time after a 3% down in 24 hours. QNT has been encountering bearish pressure, dropping nearly 10% in the last seven days.
The broader market downturn appeared to be affecting QNT's price movement, with the 24-hour drop coming as BTC plunged from above $64K to trade at $62K.
The recent drop saw QNT testing a critical support level at $67. The token has maintained price levels above this support since mid-September, forming lower highs.
This indicated that buying momentum was weakening as sellers gained control. If QNT loses its current support at $67, the price could drop to $57. Past performance showed that each time the price lost this support level, it went on to form a bearish leg.
Traders should also watch out for the convergence of the 50-day Simple Moving Average (SMA) with the 100-day SMA. If the 50-day SMA crosses above the 100-day SMA from below, it would signal a strong bullish sentiment.
However, if this crossover fails, the short-term bearish sentiment will be confirmed, pushing the prices lower.
Buying activity was currently weak, with the Chaikin Money Flow (CMF) being negative and dropping-indicating that money was flowing out of QNT, showing selling pressure.
The Relative Strength Index (RSI) at 41 also showed that the bearish momentum was gaining strength, which could see the price drop further.
Meanwhile, data from CryptoQuant showed that Quant’s exchange inflows spiked to the second-highest level in the last month.
At press time, QNT deposited to exchanges had surpassed 15,800 tokens- an over five times increase from the last day.
A rise in exchange inflows could increase selling pressure on Quant, as it indicated that traders were getting ready to sell.
This data further showed that QNT holders were losing confidence in the token and could choose to sell to minimize their losses. This could create downward pressure on Quant and trigger a price decrease below the $67 support level.
The rising exchange inflows also come as negative sentiment around the token strengthens. According to Market Prophit, the crowd was bearish on QNT at press time, indicating a lack of confidence in price recovery.
On the other hand, smart money is bullish on QNT, showing that there is some level of optimism in the market.
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