- QUICK token saw demand resurgence after bottoming out in August, confirming the return of the bulls
- Latest rally confirmed the bulls’ return to the altcoin’s market
QUICK, the native token for QuickSwap, a top DEX on Polygon, is making waves in the crypto market owing to its performance. The token has been pushing higher this month, with a significantly big move seen in the last 24 hours too.
In fact, QUICK was one of the best performing cryptos over the last few weeks too. It bounced by as much as 103% from its lowest price level to its peak in August, showcasing strong momentum. While it did pull back towards the tail end of August, it still managed to close the month at a 46% premium from its monthly lows.
QUCK maintained this bullish momentum in the month of September. Its $0.043 press time price was already up over 38% in the last 6 days. Its performance in the last 24 hours was particularly noteworthy, as it bounced by as much as 41% from the day’s low to a high of $0.052.
Source: TradingView
Furthermore, QUICK has been trading in a descending price channel since March.
However, the latest upside is the first major instance where the price has challenged resistance and broken above it. What this means is that QUICK is in a recovery rally.
What is driving up QUICK’s price action?
An assessment of QUICK’s on-chain data on DeFiLlama revealed that there were no abnormal changes.
For example, TVL, volume, and liquidity remained within normal parameters with no changes, suggesting that demand in DeFi may be responsible for QUICK’s latest rally.
Source: DeFiLlama
Based on the aforementioned information, it appeared that QUICK’s recent surge may be the result of organic demand.
The heavy discount presented a chance for buyers to scoop the token at appealing levels. QUICK bears seemed to lack momentum after the price bottomed out in August and hence, they presented a chance for the bulls to take over.
Price prediction
QUICK’s latest rally is already attracting a lot of attention. This may aid bullish momentum if it can attract enough liquidity to fuel more upside. If this happens, traders should expect the price to rally as high as $0.057 before encountering the next resistance zone.
The $0.057 price level means QUICK would rally by roughly 35% from its current level. The highest attainable target for now would likely be its previous ATH at $0.125. Achieving this would be equivalent to a 191% rally from its press time level.
Powered by WPeMatico
