QUICK/USDT Downtrend breakout. Massive undervalued coin. EOY?In case you miss a chart you can suggest it in the comments. Maybe we will cover it next time.
Intro:
- Quickswap is a permissionless decentralized exchange based on ETH, powered by the Polygon Network's Layer 2 scalability infrastructure.
- Quickswap runs on top of Polygon and therefore has low gas fees.
- SEC confirmed that crypto will not be banned which is positive for the whole crypto market.
- DeFi projects appreciated a lot of attention during the first quarter of 2021 and probably will again during Q4.
Daily chart:
- Price shows a breakout above the purple resistance line. Currently we hover above 400$.
- Volume starts to increase with some huge spikes in between. This is a signal that we probably have bottomed.
- RSI analysis confirms the breakout passing the 43 yellow line.
- Support lines are at 330$ and 150$.
- Resistance lines are at 775$, and 1100$.
Expectation:
- We expect a further price appreciation during the next three months and a solid recovery into October. After the peak around 800$ we got hammered down to 330$ and expect to recover within this month.
- Looking forwards into October where we might see an ETF approval for Bitcoin . This would be in favor for the whole market.
- Polygon did not move during the last 3 months despite bullish news. Imagine Opensea runs on Polygon and people finally start appreciating Opensea and low gas fees.
- DeFi will get more attention during Q4 again and not only for Tax reasons.
- End of the year prediction: We will see a 4000$+ QUICK before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
