Quant Price Drops 18% as Profit-Taking and Risk-Off Sentiment Take Hold
Quant's price has taken a hit after intense selling pressure and profit-taking drove its value down by 18%.
The altcoin fell from its $300-support to a low of $237, with some investors opting to cash out their recent gains. The sharp decline was fueled by the market's risk-off sentiment, which led to significant long liquidations totaling over $4.8 million, according to Coinglass.
Longs suffered the most, with $3.5 million in longs liquidated, causing fear among traders who hurriedly closed their positions. The futures Netflow fell by 1120% to -$26.7 million, and the altcoin's Open Interest dropped by 15% to $167 million.
The Spot market saw elevated profit-taking throughout the recent price hike, with investors actively cashing out and creating more downside pressure on the charts. The trend suggests that every time the Netflow climbed into the positive zone, the price retraced, which may continue this time too.