Crypto analyst Manish Ciheti says QNT is under downward pressure.
Analyst Aaryamann Shrivastava states that ADA is struggling to recover and is facing a short-term decline. We have compiled analysts’ predictions for these 2 altcoins for our readers.
QNT price prediction: Altcoin is preparing for a short-term sell-off!
Quant (QNT) price is facing short-term downward pressure. On-chain analytics platform Lookonchain shows that an early holder deposited 118,008 QNT tokens worth $9.78 million on the Kraken exchange. This wallet previously sold 8,050 QNT tokens worth $742,000 at $92 on the Uniswap decentralized exchange last month. Following this, the altcoin price dropped by approximately 11%. Additionally, this event could impact a selling frenzy or be a catalyst that initiates a correction in bearish market conditions.
Metrics point to QNT falling
Santiment’s Consumed Age index adds further credence to the bearish outlook. Sudden increases in this index indicate that dormant tokens are on the move and can be used to spot short-term local tops or bottoms. For QNT, history shows spikes followed by a crash in the altcoin price. The last rise on June 17 also predicted that QNT was ready for a downtrend.
Santiment’s Offer on Exchange data shows the total amount of QNT held on centralized exchanges (CEX), decentralized exchanges (DEX), and over-the-counter exchanges. An increase in this index indicates potential sales or the formation of local price peaks. On the other hand, a decline indicates whale accumulation or local price bottoms. In QNT’s case, the Supply on the Exchange increased from 1.56 million on June 16 to 1.68 million on June 17. This 7.6% increase in supply indicates that investors are sending their assets to exchanges to book profits, which could lead to local price peaks or potential sell-offs.
ADA price forecast: Indicators are contradictory but…
Cardano (ADA) price is conflicted about what awaits it. On the other hand, the altcoin sees an opportunity for accumulation. This is derived from the short-term Market Value – Realized Value (MVRV) ratio. MVRV ratio evaluates the investor’s profit and loss. Currently, Cardano’s 7-day MVRV stands at -12%. This indicates losses that could lead to an increase in buying pressure. Historically, ADA MVRV between -6% and -18% usually signals the beginning of rallies. It also indicates an opportunity zone for accumulation.
However, Cardano’s lack of participation in market activities argues against this. This gives a sell signal. This is especially evident in daily active addresses (DAA) price divergence, where the number of unique addresses involved in transactions is not aligned with price movements. Such a divergence usually heralds further downward pressure or consolidation. The DAA price divergence indicates that there is not enough market participation to support a rapid recovery despite the recent price decline. This lack of active participation means traders are hesitant to re-enter the market, possibly expecting further declines or because they are unsure of future price direction. This scenario usually leads to a period of consolidation as the market searches for stability.
ADA investors have to choose!
Cardano’s price recently faced a significant decline as it failed to break out of the symmetrical triangle formation. Instead, it dropped to $0.40, indicating a bearish trend for the altcoin. The move sparked concerns among investors and analysts hoping for a bullish move. Therefore, the likely outcome for ADA is currently a sideways move between $0.43 and $0.40.
However, if the altcoin does not bounce back from $0.40, it could break below that. This will cause Cardano’s price to drop to its lowest level in the last six months, falling to $0.38, invalidating the bearish thesis.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!