Quant (QNT) has experienced a consistent downward trend throughout the year, declining by 45% from February to September. Despite this trend, a significant majority of QNT holders are still in profit, demonstrating the resilience of long-term investors.
The current price action for QNT shows a series of lower highs and lower lows since February, forming a descending parallel channel. This trend contrasts with Bitcoin’s overall uptrend during the same period, indicating a notable divergence between the two assets.
Momentum indicators, such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO), support the bearish sentiment, showing weakening momentum.
As long as QNT remains within this descending channel, it is likely to continue losing value. The token is currently testing the midline of the pattern around the $89.3 level, with the next major support at the psychological level of $80, marked by the lower boundary of the channel.
QNT Price Downtrend: Key Insights and Holder Resilience
On-chain data from IntoTheBlock reveals that despite the prolonged decline in price, the majority of QNT holders remain in profit. Approximately 61.11% of investors holding 14.93 million QNT tokens are in the profit zone, while 37.34% holding 9.12 million tokens are underwater, and 1.55% holding 380,120 tokens are breaking even.
Moreover, 14,070 addresses purchased approximately 13.22 million QNT tokens at an average price of $47.47. These long-term holders provide strong support to the token’s price, as any attempts to push it lower would likely be met with buying pressure from this cohort.
In summary, despite the bearish price trend, the majority of QNT holders are still in profit, with long-term investors driving this positive sentiment.