- In recent financial discussions, crypto analysts have been closely examining the pressures faced by major altcoins QNT and ADA.
- One key analyst has pointed out that QNT is under significant downward pressure due to large token transfers to exchanges.
- Meanwhile, another expert notes that ADA is struggling to recover, signaling a potential short-term downward trend.
Understand the latest predictions for QNT and ADA, exploring potential market movements and investor implications.
QNT Price Forecast: Preparing for a Short-Term Sell-Off
Quant (QNT) is currently under scrutiny due to recent on-chain activities which suggest impending short-term selling pressure. On-chain analytics platform Lookonchain has reported that a longstanding holder transferred 118,008 QNT tokens, valued at approximately $9.78 million, to the Kraken exchange. Last month, this wallet offloaded 8,050 tokens worth $742,000 at $92 each on the decentralized exchange Uniswap, which contributed to an 11% price drop. This sequence of events could either spark a selling spree or serve as a catalyst for corrective market behavior in the bearish climate.
“A $QNT early holder deposited 118,088 $QNT($9.78M) into #Kraken 25 mins ago. This wallet also sold 8,050 $QNT($742K) at $92 on DEX in the past month and currently has 200,000 $QNT($16.55M) left. pic.twitter.com/YwaYaLrbwx” — Lookonchain (@lookonchain) June 17, 2024
Indicators Pointing to QNT Decline
Santiment’s Consumed Age metric further corroborates the bearish outlook for QNT. Spikes in this metric indicate that previously dormant tokens are now on the move, often signaling local peaks or troughs. Historically, sudden increases in this metric for QNT have been precursors to significant price corrections. Recently observed spikes suggest a probable downward trend.
Santiment’s Exchange Supply data reveals the total amount of QNT held across centralized, decentralized, and off-exchanges. An increase in this index often signals potential sell-offs or the formation of local price peaks. For QNT, the exchange supply increased by 7.6% from 1.56 million on June 16 to 1.68 million on June 17, suggesting that investors are potentially cashing in on their holdings, which could lead to local price peaks or significant sell-offs.
ADA Price Prediction: Mixed Signals, Caution Advised
Cardano (ADA) is presenting mixed signals, making its future price direction uncertain. One positive indicator is the short-term Market Value to Realized Value (MVRV) ratio, which assesses investor profit and loss. Cardano’s 7-day MVRV is currently at -12%, indicating substantial losses, which historically have preceded major rallies and presented accumulation opportunities at these levels.
However, a significant counterpoint is the observed lack of market participation, as indicated by the divergence between daily active addresses (DAA) and price movements. Despite recent price declines, market engagement appears insufficient to support a robust recovery. This lack of active participation suggests that traders may be hesitant to re-enter the market, likely anticipating further declines or being unsure about future price direction. Such conditions typically lead to a period of consolidation as the market seeks stability.
ADA Investors Face Critical Decisions
Recently, Cardano’s price failed to break out from a symmetrical triangle formation, resulting in a significant decline to $0.40. This downturn has sparked concerns among investors and analysts who were hopeful for a bullish breakout. Consequently, ADA’s price is currently expected to move sideways between $0.43 and $0.40.
If ADA fails to bounce back from the $0.40 level, it risks falling further to $0.38, marking its lowest level in the past six months and invalidating bullish predictions.
Conclusion
The latest market analysis underscores the precarious positions of QNT and ADA, with both altcoins facing significant downward pressures. Investors should closely monitor the market indicators and analytics to navigate potential sell-offs and accumulation opportunities effectively. As always, conducting thorough personal research before making investment decisions is strongly recommended.
