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 selloff!
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 sold 8,050 QNT tokens worth $742,000 at $92 on the Uniswap decentralized exchange last month. After that, the altcoin’s price fell by about 11%. In addition, this event can influence a selling effort or be a catalyst that initiates a correction in bearish market conditions.
Metrics indicate a decline in QNT
Santiment’s Age Consumed index adds more confidence to the bearish outlook. Spikes in this index indicate that dormant tokens are on the move and can be used to spot short-term local tops or bottoms. For QNT, history shows that rises are followed by a crash in the altcoin’s price. The most recent rally on June 17 also predicted that QNT was poised for a downtrend.
Santiment’s On-Exchange Supply data shows the total amount of QNT held on centralized exchange (CEX), decentralized exchange (DEX) and over-the-counter exchange. A rise 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 16 June to 1.68 million on 17 June. This 7.6% increase in supply suggests that investors are sending their assets to exchanges to book profits, which could lead to local price spikes or potential sales.
ADA Price Forecast: Indicators Are Contradictory, But…
Cardano’s (ADA) price is conflicted about what awaits him. On the other hand, the altcoin sees an opportunity for accumulation. It 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 may lead to an increase in buying pressure. Historically, the ADA MVRV between -6% and -18% usually signals the start of rallies. It also indicates an opportunity zone for accumulation.
However, Cardano’s lack of participation in market activity 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 in line with price movements. Such a divergence usually indicates further downward pressure or consolidation. The DAA price divergence indicates that despite the recent price decline, there is not enough market participation to support a quick recovery. This lack of active participation means traders are reluctant to re-enter the market, possibly anticipating further declines or because they are uncertain about future price direction. This scenario usually leads to a period of consolidation as the market seeks stability.
ADA dealers 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 raised concerns among investors and analysts who were hoping for a bullish breakout. Therefore, the likely outcome for ADA is currently a sideways move between $0.43 and $0.40.
However, if the altcoin doesn’t bounce back from $0.40, it could go below that. This would cause Cardano’s price to fall 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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