QNT - Nice rally but some warning signs are showing

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Sanfam
Aug 4, 2021

Assets covered: Quant (QNT)

Metrics used: Price, Active Addresses, Supply on Exchanges, Network Profit Loss, MVRV 30D


Charts layout: https://app.santiment.net/s/6FQgJ-WB


QNT's been on a rally lately, let's take a quick look at how things are going now.



Price

QNT price action - Sanbase

The past 1 month saw QNT bottoming out on July 20th and making a 215% gain (at the top) since. What a wild ride it was and it's much thanks to Binance's surprise listing announcement.


Ever since then, we are seeing volume coming in strong as traders pile in to speculate on newly listed coins.


To put things into perspective, just observe how much volume QNT is racking up due to the recent Binance listing against its lifetime on the market.

QNT volume - Sanbase

Traders just going to trade and given such high volumes, we are seeing a lot of QNT exchanging hands and someone's going to be left holding a bag.


We are seeing some divergences in the Price/Volume:

QNT Price Volume divergence - Sanbase

Price is going up on lower volume than before two times now, which shows that there might be some weakness in demand.




Active Addresses (24hr)

QNT Active addresses 24hr - Sanbase

Active Addresses (24hr) continues to drop even as the price went up, this divergence is suggesting that weakness is starting to show as less participants are coming in.



Social Volume

QNT Social volume - Sanbase

We are also seeing quite a drop in QNT social volume as the excitement starts to wane, which explains a lot about the drop in Active Addresses.



MVRV 30D

QNT MVRV 30D - Sanbase

MVRV 30D is still in a danger zone as short-term participants are well in profit at the moment and highly incentivised to take profit.



Supply on Exchanges & Network Profit/Loss

QNT Supply on exchanges - Sanbase

QNT's supply on exchanges continue to grow as price inches up.


It is very likely that the inflow came from coins that have not moved for a very long time and are very well in profit, judging by the spikes in Network Profit/Loss:

QNT Network Profit/Loss

We are seeing old holders exchanging hands as they pass it on to the new bag holders.


In Summary

QNT had a nice run so far and it's probably time to chill as both price and on-chain metrics are starting to show signs of exhaustion.


Holders well in profit have used this opportunity to exit their stash and welcome the new bag holders.


Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

QNT
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Sanfam
Aug 4, 2021

Thanks for reading!

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QuantQNT

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