Quant [QNT], the multi-purpose cryptocurrency designed to function as a key to access the Quant Network application suite, led other crypto assets with the highest profits last week. According to data from CoinMarketCap, the price of the #33 largest cryptocurrency is up 23% in the past seven days.
as before reportedthe recent increase in the price per QNT can be attributed to the increase in the accumulation of whales and the growth of its social activity.
Interestingly, the whales responsible for this price growth held between 100 and 1,000 QNT tokens at press time. As they ramped up their holdings over the past week, larger whales started selling 1,000 to 10,000 QNT tokens.
— Altcoin Daily (@AltcoinDailyio) September 30, 2022
QNT on a daily chart
According to data from CoinMarketCap, QNT was trading at $141.29 at the time of writing. In the last 24 hours, the price has increased by 4%. Over the same period, trading volume increased by 41.28%, indicating sufficient buying pressure in the market to sustain the price rally.
As of going to press, the asset’s Relative Strength Index (RSI) rested in the overbought territory at 74.24. In an effort to cross over into overbought territory, QNT’s Money Flow Index (QNT) was pegged at 77.
With significant buying pressure, the dynamic line of the Chaikin Money Flow (CMF) was above the midline at the time of writing at 0.11.
Furthermore, the position of the Directional Movement Index (DMI) showed that buyers had control over the QNT market. The buyers strength (green) at 32.93 rested above the sellers strength (red) at 7.01.
QNT on the chain
According to data from on-chain analytics platform Santiment, QNT witnessed an increase in its network activity over the past week. The number of daily active addresses that traded the token in the past seven days grew by 20%.
Also, new addresses joining the network increased by 25% over the same period.
At the time of writing, QNT registered positive weighted sentiment.
Caution is advised
It is necessary to point out that a correction typically follows the current position marked by QNT’s RSI. If the bulls don’t sustain the buying pressure, the bears would take over the market and initiate a price drop.
In addition, price movements on a daily chart revealed that QNT had formed a rising wedge. This is usually followed by a downward breakout; therefore, a decrease in the price of the asset can be expected.
This post Quant [QNT] sell whales, but traders need not be sad
was published first on https://ambcrypto.com/quant-qnt-whales-are-selling-but-traders-neednt-be-sad/