Despite heavy sell pressure and declining prices in the crypto market on Tuesday, Quant is seeing healthy dip buying and daily volume on KuCoin that exceeds the entire average volume seen over the last 20 days.
Bitcoin declined 6% on Tuesday, bringing most altcoins down with it, including Quant, which fell from $69 to $55 before strong volume came in a sometime around noon NY time. Bulls were able to rally the price back 33% before closing the day around $67.
Daily average volume on KuCoin over the past 20 days has been nearly 4.21M tokens, the highest level seen since the coin was originally listed on the exchange back in February. Daily volume for July 20, 2021 was recorded to be 4.88M. This is a huge increase which shows traders and investors are interested in low prices.
Another healthy pattern to notice is how volume declines as prices consolidate and increases and prices advance. This shows that as of now, bulls are in control. Quant has a very limited market supply, with only 14.6M coins total with no additional supply.
The limited supply is what causes such large price swings as liquidity is low in certain ranges. One thing is clear however, the bulls are buying and volume patterns on consolidation indicate that investors are holding.