Connect with us
Active Currencies 14431
Market Cap $2,650,272,055,975.30
Bitcoin Share 50.11%
24h Market Cap Change $-2.76

Quant: Before you top-up your QNT bags this week, read this

2min Read

Share this article

Quant [QNT] started the new week highly as it ranked number one out of 3928 altcoins according to LunarCrush. The coin rallied 16% in the last 24 hours according to CoinMarketCap and was trading at $207.75 at press time.

 However, the glory would be unsung without the exceptional impact of the ERC-20 token. According to the social intelligence platform, the past seven days social metrics including mentions, engagements, and contribution were entirely remarkable.

 

____________________________________________________________________________________

Here’s AMBCrypto’s Price Prediction for Quant for 2022-2023

____________________________________________________________________________________

With the current momentum, it was likely that QNT investors might expect the rally to maintain status quo throughout the week. Therefore, it was necessary to assess the QNT ecosystem if the probability was high or investors might need to halt loading their bags.

Up we went but now…

Apart from the social metrics, there were other parts of the Quant ecosystem that contributed to the uptick. According to Santiment, QNT’s network growth tremendously increased from 13 October until 15 October.

 This rise implied that there was massive adoption of QNT during the said period. However, investors might need to be careful as it seemed like the network growth was losing traction. At press time, it had fallen from 800 to 702.

While the decrease might be considered minimal, it was noteworthy to consider if less liquidity was entering the Quant system. A look at the 24-hour volume showed that investors have not backed out.

As of this writing, the QNT volume was a 47.65% increase to 109.85 million. So, the overbought level impact which occurred earlier may have overcome the price reversal level.

Source: Santiment

Before you leap, gaze this way…

Per its network activity, there have been some changes that might require watching closely. Based on Santiment data, QNT’s active addresses in the last 24 hours had decreased from the highs on 16 October.

At press time, the active addresses count was 2,137, meaning that the rate at which investors were adding QNT had subdued a little. This decrease, as well, affected the one-day circulation.

The on-chain data tool revealed that the one-day circulation decreased from $107,000 on 15 October to $48,800. The implication of this decline could reflect on the QNT price as less involvement in trading the token could end with a fall off the current bullish trend.

Source: Santiment

Interestingly, it seemed that the QNT rally was an aftereffect of retail investors’ drive. This was because there was hardly any positive impact from whales’ end. A look at the whale supply percentage showed that large-pocket investors had not been interested much in Quant lately.

Hence, QNT investors may need to watch the whale investor trend and the circulation momentum to determine if the rally continues for the rest of the week.

Source: Santiment

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.