Uniswap (UNI) price has bounced back into an important support area, While the price of Pancake Swap (CAKE) is barely resting on an ascending support line it has remained in place since the June lows. On the other hand, Sushi Swap (Sushi) price rebounded from the $1.10 support level.
UNI, CAKE and SUSHI are following the bullish momentum that was seen among the top 3 cryptocurrencies by market cap: Bitcoin, Ethereum and XRP. These DeFi coins now look very promising as they are nearing a potential bullish breakout.
Uniswap Price Prediction: A Breakthrough After Retesting Support
Uniswap price has declined below a descending resistance line since reaching a high of $9.83 on July 28. The trend line also acted as a rejection point on August 14, bringing down the price of UNI in the process.
On September 21, UNI price declined to a low of $5.14 which is well below the $5.80 horizontal support area. However, it reclaimed this demand wall shortly after, rendering the previous breakout merely a divergence.
The UNI later returned to the $5.80 area once again on 13 October, forming a long bottom wick in the process. This indicates heavy buying pressure, which supports the possibility of a breakout.
The daily RSI is also bullish. It previously generated a bullish divergence in early September, and its trend line remains intact. The indicator has since moved above 50.
These readings give a bullish Uniswap price outlook and support the possibility of a breakout, despite a slight bearish performance over the past 24 hours.
In case of a bullish breakout, two main resistance levels will be found at $6.93 and $8.03. These targets are the respective 0.382 and 0.618 fiber retracement resistance levels.
Pancake Swap Price Forecast: Risk of a Bearish Breakdown
The Pancake Swap price chart is not nearly as sharp as Uniswap.
Cake price has been declining since September 29 after being rejected at the $4.90 horizontal resistance area. The decline also confirmed a bearish divergence on the daily RSI, which is now below 50, further adding to the bearish sentiment.
Currently, Cake price is at risk of breaking the ascending support line that has been in place since June 18.
If there is a breakdown, the nearest support levels for the PancakeSwap price will be found at $4.09 and $3.48. These targets are the 0.382 and 0.618 Fibonacci Retracement resistance levels respectively.
SushiSwap Price Prediction: Closer to Higher Level
The price of Sushi Swap has been trading between $1.10 and $1.62 since the beginning of June. In a similar fashion to Uniswap, the SUSHI price went down twice from the bottom of the range.
This can sometimes be considered a rapid development that is often preceded by an upward movement. So far, SUSHI has reached a local high of $1.58.
Moreover, the daily RSI has generated a bullish divergence and its trend line remains intact. A final breakout from the higher range is expected. If this happens, it could cause the price of the sushi swap to rise sharply.
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