Quant crypto was launched in 2018 for the first time in the crypto exchanges and is built on the ETH blockchain platform. QNT token follows ERC-20 token standards and is used as the means of exchange and security token on the platform. The platform was co-founded by Dr. Paolo Tasca who is an entrepreneur and digital economist.
Quant crypto has witnessed a huge advance of 42.34% in trading volume in the last 24 hours. This indicates that the traders are entering the crypto and showing their interest. With the advance in volume, the crypto has witnessed a decline in its price and the market cap. This indicates that new sellers are getting into the market.
The current volume/market cap ratio of the QNT crypto is 0.014. The crypto made an all-time high of $427.42 nearly two years ago and is currently trading at -79.98% below the following price. In the last 1 year, the coin’s price has declined by 43.5%. This represents how consistent the sell-off has been in the Quant crypto.
A Further Decline With Fast Momentum Can Be Seen In QNT Crypto
The Quant crypto has been consistently declining following the lower low pattern and bearish market structure. The crypto is also making bearish candlesticks with high volume indicating the presence of new sellers in the market.
The EMAs on the charts are trading in a bearish cross. The 50-day and the 200-day EMA are following a death cross leading to lower lows. The price has also declined below the EMAs leading to new lows.
The coin’s price is following a downtrend leading to a bearish RSI. The RSI for the coin is trading below the 50 level following the oversold zones. The following behavior of the RSI represents the presence of sellers in the market.
Quant Liquidation Analysis
The Qant crypto has witnessed a huge advance of 49.42% in the derivatives volume following an advance of 7.03% in the Open Interest of the crypto. The coin again has a long liquidation of $8.39K but the short liquidation is none. This indicates bearishness in the crypto.
Conclusion
The coin price is consistently declining from the higher levels following bearish price action. The indicators on the chart of the crypto are also bearish. The QNT crypto has witnessed a huge advance in the trading volume which represents the gaining interest of traders in the crypto. As with this increase in the volume the coin’s price is declining, and we can see further lower levels in the crypto price in the upcoming days.
Technical Levels
- Support levels- $80.00 and $72.00
- Resistance levels- $100.00 and $112.00
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/10/qnt-crypto-shows-huge-spike-in-volume-whats-cooking-inside/