QuickSwap prices are rebounding from 2021 lows. Odds of QUICK/USDT retesting $1,900 in the medium-term remain high. On the other hand, TrustSwap prices are picking momentum. QUICK/USDT may race to $5.
SWAP powers the TrustSwap DeFi dApp that integrates multi-chain capability. Their objective is to solve sticky problems in DeFi, including cross-chain token swaps, split payments, and subscriptions.
After days of steep declines, the SWAP price has found support below critical Fibonacci support levels.
The SWAP token is up a massive 38 percent against the USD and 28 percent versus the BTC at spot rates. Meanwhile, it has added 17 percent against ETH, hinting at grass-root demand.
Buoying demand is a spike in trading volumes, which rose 35 percent to $5.2 million on the last trading day.
The path of the least resistance, despite confidence, is southwards. Bears are in full throttle, finding headwinds for the first time in over two weeks.
Technically, SWAP corrections have been profound, nearly invalidating the uptrend.
However, as per SWAP/USDT technical analysis, gains above $2, confirming the double bar bull reversal pattern of May 23 and 24, may prop determined buyers aiming for $5.
Bears are in the driving seat if SWAP/USDT daily price chart guides.
Even with gains of May 24, SWAP bear bars are aligning along the lower BB suggesting intense sell pressure.
Aggressive SWAP buyers may load on dips. Still, there is more loading opportunity if SWAP/USDT breaches $2.2. In that case, SWAP/USDT could rise to $5—the Q1 2021 high.
The Ethereum and Polygon-based swapping protocol QuickSwap is powered by QUICK governance and utility token.
Presently, QUICK candlestick arrangement points to buyers. From the last 24 hours, QUICK's trading volumes are stable at $7.7 million, indicating demand and deepening liquidity.
Meanwhile, the spike in participation boosted QUICK versus USD, which added 14 percent. It is equally outperforming BTC and paring losses versus ETH in the same time frame.
QUICK prices are still in the discovery stage. The value proposition of QuickSwap, nonetheless, is supportive of bulls. Buyers are rewinding losses of May 23 and could grind higher in the next few days.
Overly QUICK prices are in the discovery stage, mostly consolidating as QUICK/USDT technical analysis reveals.
As such, every low above $450 and May 23 lows could be a loading opportunity for traders aiming for a retest of May 2021 highs of $1,890.
Losses below $450 invalidate the uptrend, forcing QUICK prices to new 2021 lows.