I can remember a group called "Pinkerton's Many Assorted Clours" and they found that their name on the bill was always in smaller type to fit it in one line and they didn't get so well known. So they reduced it to Pinkerton's and by then their moment had passed. Conversely Ted Ray the comedian was advise to have a short name and short of a single name he had it about right, anythng shorter may have been less memorable - which is also a consideration.
If the above is insufficient reason consider the competition, is there a non-folky singer who you could be confused with and falsely accused of singing in their style? When it is in print you are tarred with their brush! If so you would be better choosing a name and doing the research to avoid this.
What's in a name, a rose by any other name would smell as sweet - print does not attack the olefactory organs - that's what's in a name.