Quant’s QNT turned out to be one of the best performing tokens in the last four weeks. Up by more than 86% from its lowest point in September, the altcoin also surged by 25% in the last seven days. However, QNT still has some room for more upside before retesting its ascending resistance but at […]
Quant’s CBDC focus may have boosted investor sentiment in favor of the bulls. This was important because buyers may hold on to their coins in anticipation of more upside as CBDCs drive up QNT demand.
As for the overbought conditions, QNT’s age consumed metric registered a spike on 8 October but the price continued rallying. This means any existing sell pressure may not have been enough to offset the buying pressure. Additionally, the mean coin age continued growing over the weekend, confirming the lack of sizable sell pressure.Although the upside has continued, it does not necessarily mean there is no sell pressure.
QNT’s social dominance also registered its second biggest spike in the last four weeks. This confirmed that more traders were seeing the upside and this might attract more liquidity. Whales take advantage of such scenarios to secure exit liquidity. Investors should keep an eye out for a drop in top non-exchange addresses. Such an outcome would confirm profit-taking by whales, hence the commencement of a retracement after QNT’s rally.Subscribe to get it daily in your inbox.
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