This month, Quant's cryptocurrency price has dropped sharply, erasing some of the gains made late last year. The price fell by 36% from its peak in December amid stagnant network addresses and shifting trader preferences.
Quant's Price Decline
The QNT price dropped almost 36% since December, reaching $110. Thus, the coin lost a significant part of the gains achieved by the end of last year.
Network Stagnation Causes
Data from IntoTheBlock shows that the number of addresses in the Quant network remains at 144,000, indicating stagnant growth since January last year. Additionally, fewer than 300 new addresses are created daily. Experts believe this is due to traders shifting to new tokens like Official Trump and Fartcoin.
QNT Risks and Forecasts
Current QNT price charts form a pattern suggesting a potential strong bearish breakout. The price has formed a flag pattern, which could indicate a fall to the next significant level around $80.6. Technical indicators like the Ichimoku cloud and MACD also support these concerns.
Quant faces difficulties associated with falling prices and network stagnation. Traders are advised to monitor the situation closely, considering possible changes in crypto community preferences and analyst forecasts.
