Quant (QNT) concluded its spree of three successive plunges on October 21, with the price bouncing back after the latest losses. The renowned digital coins stayed steady despite the rejection from the $220 peak as prices stayed beyond a crucial support level.
However, can this trending digital coin sustain its trajectory amidst glam and glimmer?
QNT/USD soared to the $179.15 intraday high after plunging toward the $159.06 low. That had the alternative token rising from the one-week low of October 21. That emerged some days after the pair traded near 1-year peaks.
While publishing this content, QNT gained over 7%, according to Coinmarketcap data. Data from the blockchain analytic platform LunarCrush indicated that QNT +130% surge made the token dominate market trends.
Moreover, its social contributor index gained more than 1000% from August 1’s 1003 social contributors. That saw it hitting the 12,560 all-time high in social contributors by October 17. Did that trigger demand? Sure.
QNT’s latest technical analysis indicated that sentiment indicated a massive buy at 15. Meanwhile, the neutral stands at nine, whereas the sell option hovered at two. Nevertheless, the 13 Moving Average represents an ‘enormous buy’ as ‘neutral and ‘sell’ stayed at one.
Meanwhile, QNT’s exchange supply has consistently declined since August 1 amid buyer accumulation, translating to price surges. Also, the alternative token was among the top ten coins that the leading 500 Ethereum whales purchased within the previous day.
Quant saw impressive growth in holders, climbing from mid-August’s 50K to the current 75K (Coinmarketcap data).
Despite the green, the overall cryptocurrency space stayed dull, confirming the QNT price uptick could face exhaustion, especially with profit takers accelerating the selling momentum. Remember, dominant holders might book profits and leave the network.
Reports indicated that wallets holding 0.001 – 1000 QNT coins surged since August 1. Meanwhile, those with 1,000 – 1,000,000 tokens trimmed their holdings during the timeframe under review. Thus, caution remains paramount for market participants interacting with the Quant Network.