Quantum [QNT] Traders, watch out for this before you get burned

According to the data of the cryptocurrency analysis platform CoinMarketCapQuantity [QNT] He’s been a top player in recent weeks.

Ranked as the 30th largest cryptocurrency with a market capitalization of $2.07 billion, its price has increased by 81% in the past six weeks.

The current rally in the QNT price represents a move towards the general cryptocurrency market. For every piece of information from Queen GekkoThe global cryptocurrency market cap has fallen by 6% over the past six weeks.

QNT holders laugh at the bank

The recent surge in QNT prices has seen many holders see profits in their investments. Data from Santiment, the chain analytics platform, shows that the market capitalization of asset to realized value (MVRV) has been at its highest in the past six months.

At press time, this was 88.14%, indicating that many QNT holders were posting gains on their investments. aOn the 30-day moving average, the MVRV at the time of writing is 24.89%.

As a result of the higher price and profitability generated by QNT holdings, the token has enjoyed a positive bias from its owners in recent weeks.

According to data from Santiment, the weighted sentiment for the asset has been above zero since late September. At the time of writing, this was 1529.

Source: feeling

Also, due to the high price of QNT, it has had a huge social color in the past few weeks. Since the end of September, QNT’s social volume has risen to its highest level in the past three months.

Look for the warning signs

Well, the altcoin has recorded a sharp drop in supply held by the top stock exchange headlines in the past couple of days. Between July 20 and October 13, QNT supplies held by major exchange addresses were 1.2 million.

However, this measure fell sharply on October 14 to 1.03 million. She noted that the whales reaped profits in the past two days. A further decline in this measure could mean that the bounce begins after the QNT rises.

Also, observed on the daily chart, QNT was in overbought territory at press time. The Relative Strength Index (RSI) was 77.02. The Money Flow Index is also flat at 74 at the time of writing. These are peaks that buyers usually find impossible to hold for long, and therefore a bounce may follow.

Moreso, the rally in QNT price created a rising wedge that is usually followed by a bearish breakout. Therefore, caution is advised.

Source: TradingView

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