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3 reasons why Quant Network’s QNT token may have topped after 450% gains since June

October 19, 2022 Coin Telegraph

Altcoin

QNT whales have started securing profits after the token's 450%-plus price rally since June 2022.

The price of Quant Network (QNT) eyes a sharp reversal after an impressive 450% rally in the past four months.

QNT's downside outlook takes cues from a flurry of technical and on-chain indicators, all suggesting that investors who backed its price rally have likely reached the point of exhaustion.

*QNT/USD daily price chart. Source: TradingView*

Here are three reasons why it could be happening.

Quant's daily active addresses drop

Interestingly, the period of QNT's massive uptrend coincided with similar upticks in its number of daily active addresses (DAA). This metric represents the number of unique addresses active on the network as a sender or receiver.

As of Oct. 17, the Quant Network's DAA reached an all-time high of 10,949, up from around 5,850 four months ago, data from Santiment shows. Its upsurge during the QNT price uptrend shows traders were net buyers.

However, the DAA readings dropped sharply in the past two days, reaching nearly 6,800 on Oct. 19. Simultaneously, QNT's price fell by 25.5% to $171 in the same period, suggesting that many traders have been securing their profits.

*Quant Networks's price versus daily active addresses. Source: Santiment*

QNT price downside target

The profit-taking in the Quant Network market comes as its daily relative strength index (RSI) crossed above 70 on Oct. 17, hinting that the asset is overbought.

An overbought RSI does not necessarily mean a strong bearish reversal, however. Instead, it shows that the price has moved upward too quickly and, thus, a correction is becoming increasingly likely before the uptrend could resume.

QNT's daily RSI corrected to 65 on Oct. 17. Simultaneously, the token's price dropped toward $185, coinciding with its 0.236 Fib line of the Fibonacci retracement graph shown in the chart below.

The $185-level was instrumental as support in August 2021. But given the existing profit-taking sentiment, the level may not hold for long, which could result in an extended decline toward the $137-$150 support range.

The area falls between QNT's 0.382 and 0.5 Fib lines and further coincides with its 50-day exponential moving average (50-day EMA; the red wave in the chart above), creating a strong support confluence. Therefore, a break below $185 could have QNT bears eye $137, a 25% drop, as the ultimate downside target by the end of the month.

QNT whales diminish

The period of Quant Network's 450% price rally heavily coincided with the increase in the number of addresses holding between 100 QNT and 1,000 QNT tokens, dubbed as "whales" by Santiment.

However, the whale count started dropping on Oct. 16, a day before QNT's price and DAA topped out. Meanwhile, addresses holding between 1,000 QNT and 10,000 QNT tokens also fell, suggesting that the plunge in the 100-1,000 QNT cohort was due to token distribution, not accumulation.

*Quant Network addresses holding 100-1,000 QNT and 1,000-10,000 QNT tokens. Source: Santiment*

In other words, QNT whales have started selling their holdings near the token's potential price top, raising possibilities that the decline could continue toward the technical targets, as mentioned above.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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These 3 altcoins have completely ignored the bear market in the last 90 days

August 29, 2022 Coin Telegraph

Altcoin

Several altcoins have not only outperformed Bitcoin and Ethereum in the last three months but have also posted impressive gains.

The cryptocurrency market overall endured a bad summer on back-to-back pieces of bad news, ranging from Terra's (Luna) —now renamed Terra Classic (LUNC) — collapse to the Celsius Network's liquidity crisis. But some tokens have bucked the downtrend and have actually seen their valuations go up over the summer.

Specifically, the last 90 days have seen these so-called alternative cryptocurrencies, or "altcoins," outperforming top coins like Bitcoin (BTC) and Ether (ETH). Here are three among them:

Chiliz (CHZ)

Chiliz's (CHZ) return in the last 90 days comes to be above 80%, the highest among the top-cap cryptocurrencies. Moreover, CHZ is down only 26% year-to-date compared with BTC and ETH losing 57% and 60%, respectively.

*Cryptocurrency performance (last 90 days). Source: blockchaincenter.net*

On the daily chart, CHZ's price reached $0.20 per piece on Aug. 29, and was looking to close the month in profit. Conversely, from a technical perspective, the Chiliz token stares at a potential 55% correction to $0.09 in September, based on the setup shown below.

*CHZ/USD three-day price chart. Source: TradingView*

Originally, the CHZ price rally started amid a rebound witnessed across the crypto market. But ts upside move picked momentum on a flurry of optimistic updates, including a partnership with crypto exchange Huobi Global and a nearly 25% acquisition of FC Barcelona's Barça Studios.

FC Barcelona announces the sale of 24.5% of Barça Studios to the company https://t.co/SkC8g62KY4 for 100 million euros to accelerate the club’s audiovisual, blockchain, NFT and Web.3 strategy.

More details https://t.co/0sM9grct3L pic.twitter.com/5xcLWYg440
— FC Barcelona (@FCBarcelona) August 1, 2022

Chiliz also benefited from the hype around its back-to-back network updates as it attempts to do away with Ethereum and launch its own chain CHZ 2.0.

Lido DAO (LDO)

Lido DAO (LDO) has rallied around 60% in the last 90 days primarily due to the euphoria around "the Merge ," Ethereum's long-awaited network transition from proof-of-work to proof-of-stake in September.

Lido DAO helps underfunded users to become stakers on Ethereum's upcoming proof-of-stake chain. It does so by collecting users' Ether funds into a pool of 32 ETH—as required by the Ethereum network—and depositing them into the Merge's official smart contract.

*Ethereum 2.0 TVL staked by provider as of Aug. 28. Source: Glassnode*

The prospects of Lido DAO attracting more users in the days leading to and after the Merge have triggered buying in an otherwise bear market.

But like Chiliz, LDO's price risks plunging lower by 20% to $1.31 in September as shown in the setup below.

*CHZ/USD daily price chart. Source: TradingView*

The $1.31-target serves as the support in the consolidation area marked in red, given its historical performance.

Quant Network (QNT)

Quant Network (QNT) rose by more than 40% in the last 90 days, initially driven higher by a broader crypto market uptrend but picking momentum on speculations that their interoperable blockchain protocol would find adoption across governmental and regulatory bodies.

⚔️ Group 2 — Financial Action Task Force (FATF)

Quant CEO @GVerdian has worked diligently to keep Overledger in compliance with all existing and forthcoming regulations, including the FATF’s framework for VASPs (see image).

☑️ Gilbert’s #FATF hashtag from 2019 says it all. ⬇️ https://t.co/0hvTDqAESh pic.twitter.com/F3Txe8rWPr
— Greg Lunt (@GregLunt27) July 8, 2022

But from a technical perspective, QNT risks a 40% price decline from its current price level owing to the formation of a head-and-shoulders setup on its daily chart with a $57 target by September, as shown below.

Other winners

Ethereum Classic (ETC) has also surged by more than 40% in the last 90 days in hopes that it would offer a safe haven for Ethereum miners after the PoS upgrade.

WhilPolygon (MATIC) has rallied by 27% in the same period, followed by Uniswap (UNI), which is up 13%.

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Quant Network