The massive uptrend of QNT interestingly meets with its uptick in DAA number. This metric describes a unique address number on the network as a receiver or sender.
In four months, Quant Network’s DAA reached 10,949, an all-time peak from 5,850 as of 17 Oct, due to buyers’ dominance.
However, in two days on 19 Oct, DAA readings declined sharply to 6,800. Simultaneously, QNT’s price declined to $171 by 25.5%, suggesting many investors have been securing profits.
Santiment named it ‘whales’ as the price rally period of Quant Network by 450%, strongly resembling the rise in address number holding between 100-1,000 QNT tokens.
However, on 16 Oct, DAA and QNT’s prices peaked, and the whale count started declining. Meanwhile, address holding between 1,000-10,000 QNT tokens also dropped, suggesting the force of 100-1,000 QNT plunge occurred due to token distribution, not accumulation.
Let’s see the QNT Forecast from the Quant (QNT) Price Prediction:
QNT/USD Bulls Are Still Active
Quant Price Prediction today showed a massive surge recently while the broader crypto market remained bearish. Moreover, the long-term trend of this token is still bullish, with multiple higher high formations in the daily chart.
The immediate buying pressure after the sell-side liquidity grab happened from the 137.00 support level, which will be the bottom of the current trading range. On the other hand, the bearish flip zone from the 228.30 level would be the top of the range as lots of sellers have joined from that point.
The fixed range high volume indicator, a unique tool to measure institutional traders' presence in the market, is at the 137.00 level. Although some on-chain metrics showed solid selling pressure from the 228.30 high, it is not supported by volume. Therefore, the selling pressure from the top could be due to profit-taking, and bulls may resume their momentum once the profit-taking is over.
The indicator window shows bulls' activity in the market as the RSI is above the 50% neutral zone. Moreover, the bearish pressure from the top reached the 20 DMA level and was considered dynamic support.
Based on the current Quant Price Prediction, there is no sufficient evidence of a bearish trend reversal, as the selling pressure from the 228.30 level did not come with strong momentum. Therefore, any bullish trend continuation pattern in the intraday chart could offer a long opportunity, where the ultimate target is the 272.20 Fibonacci Extension level.
In the QNT Price Prediction, the alternative approach is to monitor how the price reacts in the 228.30 to 209.30 area. Any further selling pressure from this zone could offer a short opportunity, targeting the 137.00 key support level.
QNT/USD Supply-Demand Analysis
The price of a trading instrument changes from liquidity to liquidity, and there is no exception for the QNTUSD price.
The existing bullish trend is solid in this instrument, where the 153.40 to 138.90 is a valid demand zone from where bulls may resume the upward momentum. In recent days, the price formed a double-top pattern below the 228.30- 208.90 supply zone, indicating liquidity above it.
In the indicator window, the bullish possibility is valid as the Traders Dynamic Index indicator showed a rebound from the oversold zone and reached the mid-line. It is a sign that the bearish correction in the H4 chart is complete, and bulls are ready to take the wheel.
There are two possibilities in the QNT/USD, if the price comes below the 158.00 swing low and forms a bullish rejection from the demand zone, it could offer a high probable buying opportunity. However, breaking below the 138.90 level will validate the 228.30- 208.90 supply zone, where the ultimate target will be the 95.20 level.
QNT/USD Intraday Price Action Analysis
The H4 chart shows buying pressure as the visible range high volume indicator is below the current price. Moreover, the price made a new higher high in the bullish trend and completed the correction at the 158.00 swing low.
In the indicator window, the MACD line formed a bullish crossover with sufficient room above it. However, the dynamic 20 EMA and weekly VWAP became closer to the price, indicating a corrective momentum.
Based on the intraday price action, the bullish possibility is valid as long as it trades above the 137.00 key support level. In that case, a strong bullish H4 candle above the weekly VWAP would open the long opportunity towards the 228.30 level.
On the other hand, the bearish opportunity is valid if bears take the price below the 137.00 level. In that case, the loss may extend towards the 100.00 area.
Is Quant (QNT) A Buy?
Based on the current Quant Price Forecast, the bullish possibility is still valid in this pair, and any intraday trend trading opportunity could provide a decent profit. 137.00 level would be an important level to look at, as a stable price below this level could eliminate the bullish possibility.