Quickswap (QUICK) Price Breaks Out Of 84-day Accumulation Pattern, Is A Strong Increase Happening?
The price of Quickswap (QUICK) has broken above a long-term pattern and an important horizontal resistance zone. It is expected to continue rising in the near future.
Welcoming the Polygon 2.0 event and the renaming of the MATIC token to POL, tokens within its ecosystem may attract investors’ attention. As the leading DEX on Polygon, Quickswap is also poised to benefit.
The price of Quickswap (QUICK) has been trading within a triangle pattern since August 8th. This is an accumulation phase, and the next trend will be determined when the price breaks out of the triangle.
On October 31st, the price broke above the triangle pattern and confirmed it as support over the following 2 days. This indicates that the bulls have taken control of the market, and a new uptrend has begun.
The daily RSI (Relative Strength Index) has formed a bullish structure and is approaching the oversold territory, supporting the continuation of the uptrend.
The triangle pattern has a target of $0.064, calculated by measuring the height of the triangle and adding it to the breakout point. This figure is 31.16% higher than the current price.
However, since the triangle has been forming for 84 days, the post-breakout movement could be strong.
If the price breaks above the pattern’s target, it could rise to the 2.618 Fibonacci extension level at $0.087.
Breaking Horizontal Resistance
Adding further strength to the bullish view, the daily chart also shows that the QUICK price has broken above an important horizontal resistance zone at $0.047 on November 6th with a large green candle.
This indicates strong buying pressure overcoming the sellers. Indeed, the price has formed 2 long wicks below, confirming the $0.047 level as support over the past 2 days (green arrows).
Therefore, the uptrend is likely to continue soon.
The most likely scenario suggests that the QUICK price will continue to rise in the near future. The immediate target is $0.064, with further potential to reach $0.087.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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