Current indicators suggest that Quant [QNT] is exhibiting positive signals in terms of price movements, attracting interest from both individual and institutional investors. According to Market Prophit data on X post (previously known as Twitter), the crowd sentiment score stands at 2.07, while the smart money sentiment is at 0.86.
However, despite the optimistic outlook, QNT is currently trading at $65.05, reflecting a 2.39% decrease. This raises the crucial question of whether the prevailing downtrend can be reversed given the bullish sentiment.
Assessment of QNT Price Trends – Will Support Levels Hold?
QNT has been experiencing a gradual decline in price since it failed to surpass the $80 resistance level in September. Presently, it is hovering near the lower Bollinger Band threshold of $61.80, a pivotal support area. The Stochastic RSI signals a bearish momentum, with the blue line indicating oversold conditions at 10.71.
Despite being oversold, sellers still dominate the price action. Whether a reversal occurs depends on QNT’s ability to maintain support, as breaching $61.80 could trigger additional selling pressure.
Analysis of Exchange Flow – Is Selling Pressure Diminishing?
Observing exchange reserves, there has been a slight decrease in QNT holdings, with exchanges currently retaining 1.54 million tokens—a decrease of 0.21% within the last 24 hours. This decline may suggest a reduction in selling pressure as fewer tokens are being deposited on exchanges.
Nevertheless, this trend requires close monitoring. An upsurge in exchange reserves could signify renewed selling activity. While the drop in reserves alleviates some pressure, its impact on halting the ongoing downtrend remains uncertain.
Review of QNT Open Interest – Is Market Confidence Wavering?
The open interest in QNT has also fallen by 7.39%, reaching $8.49 million. This decline potentially indicates a lack of confidence, as traders are closing existing positions rather than initiating new ones.
A sustained decrease in open interest might exacerbate bearish sentiment, as fewer traders are willing to speculate on a price recovery. Conversely, a stabilization in open interest could pave the way for substantial price movements.
Assessment of QNT OI-weighted Funding Rate – Does Optimism Persist?
The OI-weighted funding rate for QNT is marginally positive at 0.0098%, indicating the maintenance of long positions. While this positivity suggests optimism, it may not be strong enough to signify a definitive shift in market sentiment. Consequently, although long traders anticipate a price surge, it might not be sufficient to drive substantial gains in the near term.
Despite the optimistic sentiment from various investor types, caution is advised regarding Quant’s technical and on-chain metrics. The diminishing open interest and ongoing price pressure imply that bullish sentiment has not yet translated into robust price movements.
Therefore, while the potential for QNT remains evident, additional technical validation might be necessary before contemplating any significant breakout in the price charts.