Quant price maintains steady multi-month downtrend but 60% of QNT holders remain above water

• Quant price has been on a steady downtrend since the year began, falling 45% between February and September.
• On-chain data shows that 61.11% of QNT holders remain in profit, against 37.34% sitting on unrealized losses.
• The profit cohort constitutes traders who bought the altcoin at an average price of $47.47, totaling 14,070 addresses.
• It indicates only long-term holders are currently in profit, considering the last time the token traded that low was in 2022.

Quant (QNT) price is trading with a bearish bias, a steady state that has prevailed for the most part of the year. Despite the downtrend, the majority of QNT token holders remain above water, sitting on unrealized profit. 

Also Read: Bitcoin and Quant deviate again

Quant price steadily declines; long-term holders remain in profit

Quant (QNT) price has recorded a steady stream of lower highs and lower lows since early February, with the price action consolidating along a descending parallel channel. During the same time, Bitcoin price has managed to maintain a sustained overall uptrend, pointing to a significant deviation between the two risk assets. 

BTC/USDT 1-day chart, QNT/USDT 1-day chart

Momentum indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) bolster the case to the downside showing dwindling momentum.

For as long as Quant price remains confined within the walls of this bearish channel, QNT is bound to lose more value. The token is currently sitting on the support provided by the midline of the pattern at around the $89.3 level, with the next line of defense presenting around the $80.0 psychological level, marked by the lower boundary of the channel.

QNT/USDT 1-day chart

Meanwhile, IntoTheBlock, a blockchain analytics platform that provides real-time on-chain analytics and market intelligence on crypto assets, shows that despite the sustained or longstanding slump, the majority of QNT token holders are the ones in the profit zone (in the money).

Specifically, the 61.11% of investors holding 14.93 million QNT tokens are sitting on unrealized profit. This is against the 37.34% of token holders, holding 9.12 million holders that are underwater (out of the money) and 1.55% holding 380,120 tokens currently breaking even (at the money).

QNT GIOM

In the same way, Quant price has robust support downward, provided by 14,070 addresses that bought approximately 13.22 million QNT tokens at an average price of $47.47. Any efforts to push the altcoin’s price down would be countered by buying pressure from this cohort of investors.

The data also indicates that only long-term holders of the QNT token are currently in profit or above water, considering the last time the price recorded anything around its current value of $89.4 was in September 2022.

Also Read: Bitcoin profitable days shows that in the long run holding is usually a solid strategy

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