Quickswap Market Analysis: Is Now a Good Time to Invest?

Quickswap Market Analysis: Is Now a Good Time to Invest?

In Brief

  • The price of Quickswap [OLD] (QUICK) has waned to $67.43, down by -7% over the past week.

  • The broader market is down by -0.6% in comparison.

  • 10 past occurrences of the engulfing pattern candle indicator suggest that prices could be headed lower.

Quickswap [OLD] has waned sharply recently, and unfortunately for investors historic price action suggest that the market is heading lower.

Of course, crystal balls don't exist. We can study what has occurred in the past though. Stack analyzed the previous performance of Quickswap [OLD] (QUICK) in similar circumstances to try and determine future price action.

Specifically, we looked over 10 prior occurrences when the engulfing pattern candle was spotted and this is what we found.

Why Quickswap [OLD]'s Price Might Be Moving Move Lower

Essentially, because of multiple similar occurrences before. In other words, we have seen this situation play out before.

Over 10 past occurrences, we found that 100% of the time the price increase by a median -13.95% over the following 7 days.

For example, on February 9th, 2022 we saw this indication and a price move of Quickswap [OLD] move by 0%, only to then move by -5.2% over the following 7 days.

Quickswap [OLD] chart

The chart above shows the past episodes when this indicator occurred with the price.

What are the implications for investors?

This is only a single, data-driven signal, based on a number of previous periods. Lots of factors can affect the price of any investment.

Crypto is no different. Social media, developer activity, the number of exchanges and on-chain activity are just a handful of factors that can affect the price of any crypto project.

{If you believe that other factors, including the broader crypto market, are favorable assuming the suggested 7-day investment horizon. Then it might be a good trade, or a good entry point for longer term investors. We always suggest you do your own research (DYOR) before making any investment decisions. |It's important to before making any investment decisions. Crypto can be highly volatile, and other factors, including the broader crypto market, are likely to influence prices. Always DYOR before jumping in.

What else might be moving the price?

Lot's of factors can influence the price of any investment. These are just a few that could affect the price of Quickswap [OLD].

The broader market

The broader market is also down by a median -0.6%. Many cryptos are highly correlated, especially to Bitcoin and Ethereum. So this is likely affecting the price.

Developer activity

How active have the developers for Quickswap [OLD] been?

During the past 4 weeks there have been 8 commits on Quickswap [OLD]'s Github account. This compares to an average of 2 commits per week.

Spotting significant changes in developer activity can suggest potential new products being worked on and identify abandoned projects that might be in decline.

Social media

Social media can have a substantial impact on crypto prices. Even a single tweet can move markets.. It's difficult to gauge sentiment just by browsing Twitter, but you can use products like Stack to monitor the growth of a project's followers.

Quickswap [OLD]'s Twitter followers have increased by 0% over the past 7 days. You can view stats for other networks in the full report for Quickswap [OLD].

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