Quantum token in your wallet in 2023: yes or no?

The second quarter of 2023 has not been the best for investors, as the entire market registered a drop in terms of crypto prices. amount token [QNT] it was also affected by bearish market sentiments, as its price plunged from over $132 in March to under $100 in recent days. However, with the quarter coming to an end next month, is there any chance that Quant token will hit its 2023 high of $160?

Read Quant [QNT] Price prediction 2023-24

A quick look at Quant token tokenomics

Quant has a maximum token supply of 14,881,364. Of these, 12,072,738 are currently in circulation. The circulating supply represents 81% of the total QNT tokens. Also, according to CoinMarketCapQuant had a market capitalization of $1.19B at press time, making QNT the 39th largest crypto in the world.

Market sentiment around QNT is not looking good

Although the quarter started on a good note, it didn’t take long for it to turn sour. As April began, QNT-weighted sentiment spiked, reflecting investor confidence. Later, the metric dropped sharply and remained on the negative side for most of the day. After a surge, QNT development activity plummeted.

This could have fueled negative sentiment, as it suggested that less effort was made by the developers to improve the network. QNT’s popularity in the crypto space also took a hit, as evidenced by the drop in its social dominance in recent weeks.

Source: Feeling

Quant token supply distribution has changed

The Santiment data revealed that the big players did not make much change in their holdings as the supply of the main addresses did not move much. However, investors across the board seemed to have piled on more QNT.

The total number of token holders has been steadily increasing in recent months. Another positive update is that QNT’s supply on trades plunged while its supply outside of trades increased. This is a typical bullish sign, as it suggests more buying pressure.

Source: Feeling

Network activity has decreased

In addition to its price, the Quant token has also seen a major decline in its network activity, which is concerning. According to Santiment’s chart, QNT’s daily active addresses dropped sharply. Furthermore, their unique transactions also followed the same trend and went down in recent weeks.

Source: dune

The growth of the Quant token network also slowed, which meant that fewer new addresses were created to transfer the token. Its speed was also worrying, since after picking up on April 14, 2023, it dropped.

Simply put, lower speed means that QNT was used on transactions less frequently within a set period of time.

Source: Feeling

How much is 1,10,100 QNT worth today?

The end of the second quarter may not please investors

Not only on the metrics side, but various market indicators were also bearish for the Quant token.

For example, the exponential moving average (EMA) ribbon revealed a huge bearish edge in the market. The 20 day EMA was way below the 55 day EMA, which suggested further price decline in the days ahead.

QNT’s Chaikin Money Flow (CMF) gained momentum to the south and was heading further below the neutral level of zero.

Source: TradingView

On top of that, QNT’s RSI was close to the oversold zone. Therefore, the price of QNT is likely to drop further before the chart reaches the overbought zone.

However, the money flow index (MFI) provided some much-needed relief as it rebounded slightly. However, considering the volatile nature of the crypto market, it will be interesting to see how the quarter ends for QNT.

source: ambcrypto.com