- Quant’s price now under pressure, despite strong bullish sentiment signals
- Exchange reserves have been falling, but Open Interest declining too
As a seasoned researcher with over a decade of experience in analyzing crypto markets, I can confidently say that Quant (QNT) is at a critical juncture right now. The bullish sentiment signals are strong, and the crowd and smart money seem to be optimistic about its potential price reversal. However, the market action suggests otherwise, with QNT under pressure and trading at $65.05, despite the oversold conditions.
Currently, the cryptocurrency Quant [QNT] appears to be attracting bullish interest from both individual and institutional investors, suggesting a positive outlook for a possible price recovery. Notably, Market Prophit data on an X post platform indicates a crowd sentiment score of 2.07, while the smart money sentiment is at 0.86, indicating a predominantly optimistic stance.
Even with an upbeat perspective, it’s worth noting that QNT was currently priced at $65.05, representing a 2.39% drop as of the latest update. This prompts a significant query: Can the positive momentum sustain enough to challenge and potentially reverse the ongoing downtrend?
QNT price action analysis – Can it hold support?
Quant (QNT) has been experiencing a continuous drop in price since it failed to surpass the resistance level of $80 back in September. At the moment, its value is close to the lower boundary of the Bollinger Band at approximately $61.80, which serves as an important support level. Additionally, the Stochastic RSI indicates a bearish trend, with conditions suggesting oversold levels indicated by the blue line at 10.71.
Consequently, despite appearing undervalued, it’s evident that sellers are dominating the market. If Quant manages to maintain its current support level, there might be a change in trend. But if it falls below $61.80, it could lead to increased selling and potentially lower prices.
Exchange flow analysis – Is selling pressure easing?
Examining the quantity of QNT tokens kept in exchange reserves, we find that there’s been a slight decrease, now sitting at approximately 1.54 million tokens—a 0.21% decline over the past day. This decrease might suggest less selling pressure, as fewer tokens are being transferred to exchanges, implying reduced supply available for immediate sale.
As I observe, it’s crucial to keep a keen eye on the situation. Should exchange reserves show signs of increasing once more, it might indicate a resurgence of selling activity. Consequently, while the decrease in reserves provides some temporary relief, it remains uncertain whether this alone is sufficient to reverse the current downward trend.
QNT open interest analysis – Is market confidence faltering?
Quant’s open interest has dropped by 7.39%, now standing at $8.49 million. This decrease might suggest decreased confidence among traders, as they seem to be liquidating positions rather than initiating new ones.
As a result, a continued decline in Open Interest might intensify pessimistic feelings among traders, since fewer individuals are inclined to wager on a price rebound. In contrast, if Open Interest remains steady, it could lead to larger price fluctuations.
QNT OI-weighted funding rate – Is there still optimism?
In summary, the OI-weighted funding rate slightly increased to 0.0098%, suggesting that investors continue to hold long positions. Although this hints at optimism, it’s not substantial enough to suggest a significant change in market sentiment. As a result, while long traders remain hopeful for price increases, it might not be enough to generate substantial short-term growth.
Read Quant’s [QNT] Price Prediction 2024–2025
Despite bullish sentiment from both retail and smart money, Quant’s technical and on-chain metrics suggested caution. The declining Open Interest and ongoing price pressure indicated that the bullish sentiment hasn’t translated into stronger price action.
Consequently, although QNT shows promise, a further technical verification could be necessary prior to any significant price movement.
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2024-10-18 11:35