Anticipating QNT Price Movement: Will it Plummet to $57 Amid Growing Bearish Sentiment?
As of the present moment, Quant [QNT] is valued at $67, reflecting a 3% decline over the past 24 hours. Notably, QNT has been experiencing increased bearish pressure, with a notable drop of nearly 10% over the previous seven days.
It is evident that Quant is aligning with the broader market trend, with its recent 24-hour decrease coinciding with Bitcoin’s [BTC] drop from over $64K to $62K.
The recent decline has prompted QNT to test a crucial support level at $67. While the token has maintained levels above this support since mid-September, it has been establishing lower highs, indicating a weakening buying momentum coupled with increased seller control.
In the event that QNT breaches the current support at $67, the price might plummet to $57. Historical data reveals that each time the price has slipped below this support level, a bearish trend has emerged.
Traders should closely monitor the potential convergence between the 50-day Simple Moving Average (SMA) and the 100-day SMA. A scenario where the 50-day SMA intersects above the 100-day SMA from below would signal a robust bullish outlook.
Conversely, a failed crossover would affirm a short-term bearish sentiment, exerting downward pressure on prices.
The current buying activity is lackluster, with the Chaikin Money Flow (CMF) displaying negativity and a declining trend, indicating a significant selling pressure within QNT.
Additionally, the Relative Strength Index (RSI) at 41 hints at the strengthening bearish momentum, possibly leading to further price declines.
Surge in QNT Exchange Inflows
According to data from CryptoQuant, Quant’s exchange inflows have surged to their second-highest level in the past month.
Presently, over 15,800 QNT tokens have been deposited on exchanges, marking a more than five-fold increase compared to the previous day.
Heightened exchange inflows typically indicate an uptick in selling pressure on Quant, signaling trader preparations to sell their holdings.
This surge in inflows suggests dwindling confidence among QNT holders, potentially prompting them to sell in a bid to mitigate losses, thereby amplifying downward pressure and triggering a price dip below the $67 support level.
The escalation in exchange inflows coincides with mounting pessimism surrounding the token. Market Prophit reports a prevailing bearish sentiment among the crowd, indicating a lack of conviction in price recovery concerning QNT.
In contrast, institutional investors exhibit a bullish stance on QNT, reflecting a degree of optimism within the market sentiment.