UNI, CRV, SUSHI – Exchange Based Tokens Prepare For Bounces

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In Brief
  • UNI is trading inside a symmetrical triangle.

  • CRV is following a descending resistance line.

  • UNI has completed a double bottom pattern.

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Uniswap (UNI) has bounced at the $14.50 horizontal support area and is trading inside a symmetrical triangle.

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Curve DAO Token (CRV) has bounced at the $1.25 support area. However, it is still following a descending resistance line.

SushiSwap (SUSHI) has completed a double bottom pattern.

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UNI

UNI has been moving downwards since reaching a high of $45 on May 3. The downward movement culminated with a low of $13 on May 23. 

The token bounced afterwards, creating a long lower wick and reaching a high of $30 four days later. However, it has been moving downwards since, trading inside a symmetrical triangle. 

Throughout this pattern, UNI has thrice bounced above the $14.50 horizontal support area (green icons). In addition to this, the two most recent lows have been combined with a very significant bullish divergence, which is visible in the MACD, RSI & Stochastic oscillator. 

This is a sign that the token is expected to move upwards and potentially break out from the triangle.

If so, the $28.90 area would be likely to act as resistance. The area is the 0.5 Fib retracement resistance level.

Chart By TradingView

Highlights

  • UNI is trading inside a symmetrical triangle.
  • There is support at $14.50.

CRV

CRV has been following a descending resistance line since April 15. It has been rejected by this line four times, most recently on July 7.

On May 23, CRV reached a low of $1.05 and bounced. The bounced served to validate the $1.25 area as support. This is also the 0.786 Fib retracement support level when measuring the entire upward movement.

Technical indicators provide mixed readings. The MACD has generated a triple bullish divergence, but the RSI is below 50 and the Stochastic oscillator has made a bearish cross.

If the token were to break out, the main resistance area would be at $2.85, the 0.5 Fib retracement level (white) of the entire downward movement.

Chart By TradingView

Highlights

  • CRV has bounced at the $1.25 support area.
  • It is still following a descending resistance line.

SUSHI

SUSHI has been moving upwards since June 22, when it reached a low of $5.96. 

After an upward movement that led to a high of $9.72 on July 7, the token fell sharply and reached a low of $6 on July 20. 

Relative to the price on June 26, this created a double bottom pattern. The double bottom is known as a bullish reversal pattern. 

In the shorter-term, both the MACD & RSI have generated bullish divergences. The short-term movement is similar to that of UNI.

When also taking into account the presence of the double bottom, an upward movement towards the $9.60 resistance area seems likely.

Chart By TradingView

Highlights

  • SUSHI has made a double bottom pattern.
  • There is resistance at $9.60.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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