New York, USA – After a breakout from a sideways channel, the price of Quant reached a high of $112 before entering a descending trend. Despite the decrease in price, the number of transactions has been on the rise, indicating mixed sentiments from both the Crowd and Smart Money investors.
Quant (QNT) experienced significant price action as it broke out of a consolidation phase, surging to $112 before entering a downtrend channel. Currently, it is trading at $82.4, showing a slight reversal with a 6% increase in the last 24 hours. Traders are warned of bearish momentum with MACD readings at -1.5 and -2.2 on the histogram.
If Quant manages to break through the channel resistance and maintain previous upward trends, it could potentially test the next resistance level at around $90. However, a failure to sustain this momentum might result in a retest of recent lows at $74 in the channel bottom.
The number of transactions on the Quant network has been increasing, reaching a peak of 1.64k transactions while the asset’s price has been declining to $82.37. This decoupling could signal growing investor activity despite the falling price, hinting at underlying strength or excess speculation in the market.
The current market sentiment for Quant appears mildly bearish, indicated by both the Crowd Sentiment at -0.07 and Smart Money Sentiment at -0.16. This suggests cautious or bearish sentiment among more informed investors, potentially impacting the price stability of QNT.
It is essential to monitor transaction sources and causes to predict price movements accurately. Increased transactions could lead to price stabilization or reversal if driven by investor accumulation anticipating price appreciation. However, if sales dominate trading activity, it might strengthen the bearish pressure on the price.
Optimism in the market sentiment could trigger a rally for Quant’s price if sentiments improve, prompting both the Crowd and Smart Money to shift towards bullish positions and drive the price higher. Keeping an eye on transaction dynamics and sentiment indicators will be crucial in understanding the potential price action for QNT in the near future.