Crypto analyst Manish Ciheti says QNT is under downward pressure.
Analyst Aaryamann Shrivastava states that ADA is struggling to recover and faces a short-term decline. We have compiled analysts’ predictions for these 2 altcoin projects for our readers.
QNT price prediction: The altcoin is preparing for a short-term sale!
Quant (QNT) price is facing a 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. After that, the altcoin’s price dropped by about 11%. In addition, this event could influence a selling spree or be a catalyst that initiates a correction in bearish market conditions.
Metrics point to a decline in QNT
Santiment’s Age Consumed index adds more confidence to the bearish outlook. Spikes in this index suggest that dormant tokens are on the move and can be used to spot short-term local tops or bottoms. For QNT, history shows that spikes are followed by a collapse in the altcoin’s price. The most recent spike on June 17 also predicted that QNT was ready for a downtrend.
Santiment’s On-Exchange Supply 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 sell-offs or the formation of local price peaks. On the other hand, a decline indicates whale accumulation or local price bottoms. In the case of QNT, 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 suggests that investors are sending their assets to exchanges to book profits, which could lead to local price peaks or potential sell-offs.
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ADA price forecast: Indicators are contradictory, but…
Cardano’s (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 to Realized Value (MVRV) ratio. The 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, the ADA MVRV between -6% and -18% usually signals the start of rallies. It also signals an opportunity zone for accumulation.
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However, Cardano’s lack of participation in market activities argues against it. This gives a sell signal. This is particularly evident in the 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 signals further downward pressure or consolidation. The DAA price divergence suggests that despite the recent price drop, there is not enough market participation to support a quick rebound. This lack of active participation means that 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 seeks stability.
![Altcoin](https://kriptokoin.com/wp-content/uploads/2024/06/Grafik-4-2.webp)
ADA traders have a choice!
Cardano’s price recently faced a significant setback as it failed to break out of a symmetrical triangle pattern. Instead, it fell to $0.40, showing a bearish bias for the altcoin. This move sparked concerns among investors and analysts hoping for a bullish breakout. Therefore, the likely outcome for ADA is currently a sideways movement between $0.43 and $0.40.
![Altcoin](https://kriptokoin.com/wp-content/uploads/2024/06/Grafik-5-1.webp)
However, if the altcoin does not bounce back from $0.40, it could go below it. This would lead to Cardano’s price falling to a six-month low of $0.38, invalidating the bearish thesis.
The opinions and forecasts in the article are those of analysts and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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