The Uniswap (UNI) price has bounced at an important support area, while the PancakeSwap (CAKE) price is barely holding on to an ascending support line that has been in place since the June lows. On the other hand, the SushiSwap (SUSHI) price has bounced off the $1.10 support level.
UNI, CAKE, and SUSHI appear to be 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 near potential bullish breakouts.
Uniswap price prediction: A breakout after reclaiming support
Uniswap price has fallen underneath a descending resistance line since reaching a high of $9.83 on July 28. The trend line also served as a rejection point on Aug. 14, creating a lower UNI price high in the process.
On Sept. 21, the UNI price fell to a low of $5.14, well below the $5.80 horizontal support area. However, it reclaimed this demand wall shortly after, rendering the previous breakout as only a deviation.
UNI later returned to the $5.80 area once again on Oct. 13, creating a long lower wick in the process. This indicates heavy buying pressure, supporting the possibility of a breakout.
The daily RSI is also bullish. It previously generated a bullish divergence at the beginning of September, and its trendline is still intact. This indicator has moved above 50 since then.
These readings give a bullish Uniswap price outlook and support the possibility of a breakout, despite the slight bearish performance in the past 24 hours.
In the event of a bullish breakout, the two main resistance levels would be found at $6.93 and $8.03. These targets are the respective 0.382 and 0.618 fib retracement resistance levels.
PancakeSwap price prediction: Risk of a bearish breakdown
The PancakeSwap price chart is not nearly as bullish as Uniswap.
The CAKE price has been falling since Sept. 29 after being rejected at the $4.90 horizontal resistance area. The decrease also confirmed a bearish divergence in the daily RSI, which is now below 50, further adding to the bearish sentiment.
Currently, the CAKE price is at risk of breaking down from an ascending support line that has been in place since June 18.
If a breakdown occurs, the closest support levels for the PancakeSwap price would be found at $4.09 and $3.48. These targets are the 0.382 and 0.618 Fib retracement resistance levels, respectively.
SushiSwap Price Prediction: Approaching range highs
The SushiSwap price has been trading inside a range between $1.10 and $1.62 since the beginning of June. In a similar fashion to Uniswap, the SUSHI price deviated below the lower portion of the range twice.
This can sometimes be considered a bullish development that often precedes upward price movements. So far, SUSHI has reached a local high of $1.58.
Moreover, the daily RSI has generated a bullish divergence, and its trendline is still intact. An eventual breakout from the range high is expected. If this occurs, it could cause the SushiSwap price to accelerate quickly.
Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.