Quant (qnt) Price prediction 2023: Can qnt maintain its bullish moment?

Quant [QNT] has been showing bullish sentiment, fueled by strong support from both retail and smart money investors. However, despite this positive outlook

Quant (QNT) has been attracting attention with its bullish outlook, driven by strong support from both retail and smart money investors. However, despite this positive sentiment, key resistance levels and a decline in address activity suggest the token may face some challenges. At press time, QNT was trading at $89.21, indicating a 1.33% decline over the past 24 hours.

Quant (QNT) has been attracting attention with its bullish outlook, driven by strong support from both retail and smart money investors. However, despite this positive sentiment, key resistance levels and a decline in address activity suggest the token may face some challenges. At press time, QNT was trading at $89.21, indicating a 1.33% decline over the past 24 hours.

As the market continues to assess QNT’s future, there are growing concerns about whether the token can sustain its current trajectory.

A closer look at the Quant chart reveals a significant technical pattern. The asset recently broke below its demand zone and is now testing critical support around $89. If this support level fails to hold, the price may drop toward $72.65.

However, if QNT manages to rebound from this zone, it could push toward $101.8, where it faces another strong resistance.

However, if QNT manages to rebound from this zone, it could push toward $101.8, where it faces another strong resistance.

With a potential pennant flag breakdown in play, investors must be aware of the possibility of a bearish trend if the support levels are not maintained.

Source: TradingView

QNT In/Out of the Money: A sign of caution?

At press time, the “In/Out of the Money” chart indicated that 61.65% of QNT holders were profitable. However, 33.59% of addresses were “Out of the Money,” with significant resistance levels between $95.39 and $106.08.

This disparity highlights the challenges QNT faces in overcoming these price barriers. If these resistance levels are not broken, the market could experience a reversal as holders look to lock in profits.

Source: IntoTheBlock

Quant addresses stats: Declining interest?

Address activity has shown signs of decline, with new addresses dropping by 27.05% in the past week and active addresses decreasing by 11.67%.

This reduction in interest could limit the potential for QNT to push higher, as it suggests that fresh capital is not flowing into the token. With declining participation from both new and active addresses, QNT may face a more challenging path to recovery.

Source: IntoTheBlock

NVT Ratio: A huge surge raises concerns

The Network Value to Transaction (NVT) ratio has surged to an all-time high of 1123.47. This signals a disconnect between Quant’s network value and its actual transaction volume.

A rising NVT ratio is often indicative of an overvalued market, as the price increases without a corresponding rise in transactions. This sharp increase in the NVT ratio raises concerns that QNT may be overbought, and a correction could be imminent.

Source: Santiment

Conclusion: The path ahead for Quant

Quant’s market outlook was at a crossroads, with resistance levels, declining address activity, and an increased NVT ratio signaling potential challenges ahead.

Although the sentiment remains largely bullish, QNT faces key technical and market hurdles. It will need to hold support at $89.21 and break through resistance at $95.39 to maintain its upward momentum. Should these levels not hold, a price correction could be on the horizon.