QuickSwap’s native token, QUICK, which powers the decentralized exchange on Polygon, has been gaining significant traction in the cryptocurrency market due to its recent performance. The token has shown notable upward movement this month, with a substantial increase observed in the last 24 hours.
Interestingly, QUICK has been a strong performer in recent weeks, surging by up to 103% from its lowest point to its peak in August, demonstrating robust momentum. Despite a slight pullback towards the end of August, it closed the month with a 46% gain from its monthly lows.
QUICK has maintained its bullish trend into September, with its price of $0.043 at the time of writing already reflecting a 38% increase over the past six days. The token saw a particularly impressive performance in the last 24 hours, jumping by 41% from its daily low to reach a high of $0.052.
Moreover, QUICK has been trading within a descending price channel since March.
However, the recent uptrend marks a significant breakthrough as the price has breached resistance levels. This upward movement indicates a potential recovery rally for QUICK.
Driving Forces Behind the Price Surge of QUICK
An analysis of on-chain data for QUICK on DeFiLlama did not reveal any unusual changes.
Metrics such as Total Value Locked (TVL), trading volume, and liquidity remained stable, indicating that the recent surge in QUICK’s price may be attributed to increasing demand within the decentralized finance (DeFi) sector.
Considering the information above, it seems that the recent surge in QUICK’s price is likely driven by organic demand.
The significant discount offered an attractive buying opportunity for investors. With bearish momentum fading after the price bottomed out in August, it created room for bullish investors to gain control of the market.
Price Forecast for QUICK
The recent uptrend of QUICK has garnered significant attention, potentially bolstering bullish sentiment and attracting more liquidity for further upside potential. If this momentum continues, traders could anticipate a price surge up to $0.057 before encountering the next resistance level.
Reaching the $0.057 mark would represent a roughly 35% increase from the current price levels. The ultimate target in the near term could be QUICK’s previous all-time high at $0.125, suggesting a potential 191% increase from the current price.