The crypto market flashed red over the past 24 hours with barely any altcoins staying green rn 🖤
Among them Quant (QNT) surged triple digits in the last week and analysts expect more upside but one trader decided to cash out completely.
Not a Comfortable Environment? 😈
Just hours ago QNT hit a five year high near $370. Bears stepped in hard and now it trades around $205 per CoinGecko after a 260% weekly pump.
The main catalyst came from The Clearing House picking Quant for its On Chain Money Initiative.
X user Ted shared more bullish factors including integration into Murex MX.3 which runs at 65 of the top 100 banks plus selection by the European Central Bank for digital euro testing.
Despite all the hype popular trader Doctor Profit sold his entire QNT bag. He noted the jump looked impressive yet warned that many accounts push others to buy while selling privately themselves. High funding rates also signal crowded longs.
QNT relative strength index hit nearly 100 before pulling back to 74 still in overbought territory hinting at possible short term correction.
QNT RSI, Source: CryptoWaves
More Opinions 🌙
X user Nehal expects a cool off and pullback toward the $100 to $150 zone before a fresh rally that could push past $500 with new all time highs possible at $800 to $900.
For his part UMER THE BULL claimed the QNT game is over since the pump came from hype after every major influencer talked about it. He added comparing it to ZEC makes no sense.
