is QNT About to Fall Sharply? See Chart Analysis

QNT is the Quant network’s cryptocurrency. It works as a main means of trade on the platform. It enables holders to voice and join in the network’s management and it can be availed to pay the costs and to secure the network through the powerful proof-of-stake (PoS) and the proof-of-activity (PoA) consensus techniques.

Quant open interest is $12.20 Million as per Coinglass, which is a crypto analysis website. It rose by 0.01% in the previous session. The long versus short ratio for 24 hours is 0.9312. The total number of short positions added in the last 24 hours is $89.92K against longs of $7.88K.

Quant crypto plummeted by 6.16% in market value and surged by 2.82% in trading volume in the last 24 hours, per Coinmarketcap. At press time, its market value is $1,426,273,415 and its trading volume is $32,630,345. There are 12,072,738 QNT in circulation.

Moreover, QNT has shown good performance this month, as it rose by 2.49% and by 17.76% in the past six months. Also, the year-to-date return of QNT price is negative (14.40% decline).

QNT Crypto Is Showing Bearish Traits And Can Lose Grip?

The QNT asset is showing bearish traits and can lose more value. It demonstrated a 2.04% drop last week.

The QNT asset is exhibiting bearish weakness as the MACD heads downwards with the histogram showing a steady increase while the RSI is below 50, implying that the asset is still in negative territory and could sink further.

The Quant crypto has displayed a sign of decline as the price fell from the critical level of around $150 on the chart.

The Quant crypto seems like it is nearing a drastic fall, as it hits the resistance level where it was a major supply region and could sink to new lows from the current support zone. Furthermore, the CMP is at $118.16 with an intraday gain of 1.61%.

Therefore, if it slips to the $107 level, the fall could be drastic. On the flip side, if the QNT price boosts off the immediate level, the crypto could thrust upwards and reach $135.

Summary

The QNT asset is showing bearish traits and can lose more value. It dropped 2.04% last week. The QNT asset is exhibiting bearishness as the MACD is decreasing with and the RSI is below 50, implying that the asset is still in negative territory and can sink further. Therefore, if it slips $107 level, the fall could be drastic.

Technical Levels

Support Levels: $107

Resistance Levels: $135

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.