Being overzealous is never good, especially in the cryptocurrency market. Several cryptocurrencies have seen significant price drops after “joyful” traders exit the network after taking profits. Was this exactly the case with popular quantum cryptography (QNT)?
Here is the AMBCrypto price forecast for Quant for 2022-2023
start from the bottom
Quant was one of the biggest movers in the crypto markets to start the week, as the coin surged above $200 and reached its highest point since last December. After that, the top 30 coin has been on a five-day rally, gaining more than 34% in one week and pumping +133% over the past five weeks.
Santiment, the crypto-analytics platform, highlighted this issue in a tweet on October 18. “Quantity He was one of the biggest extreme hosts in encryptionEnjoyed pumping +133% in the past 5 weeks,” tweet added. Here, QNT’s transaction volume reached its highest level in 2022, just before the price hike.
QNT’s rally was supported by the growing accumulation of coin titles. In particular, the group that owns 100 QNTs and 1,000 QNTs, has been dubbed a whale by blockchain analytics firm Santiment.
This wasn’t a complete surprise given the profitability bill. Intotheblock data showed that about 60% of coin holders received their coins one to twelve months ago. Meanwhile, 74% of all holders made profits while only 18% suffered losses.
In addition, according to social intelligence platform LunarCrush, social metrics in the past seven days including mentions, engagements, and contributions have been pretty impressive. In addition to social metrics, other parts of the quantum ecosystem have contributed to the rise.
According to Santiment, the growth of the QNT network increased significantly from October 13 to October 15.
Regardless of the rally, investors/traders need to beware of warning signals. Consider, for example, “over-zealous” withdrawals. TThe price fell -7% after the peak of the $100K option transactions.
according to feelings“QNT It has already shown signs of returning to the exchanges since Thursday.”
What does this mean?
Well, it is a possible or rather an unfortunate case where the traders/investors are taking profits. In addition, the altcoin has recorded a sharp decline in the supply held by the most important exchange headlines over the past two days.
Between July 20 and October 13, QNT supplies held by major exchange addresses were 1.2 million.