UNI, CRV, SUSHI – exchange tokens are preparing for a rollback


Uniswap (UNI) bounced off horizontal support at $ 14.50 and is trading inside a symmetrical triangle

Curve DAO (CRV) token bounced off the support area of ​​$ 1.25. However, it continues to move along the downward resistance line.

SushiSwap (SUSHI) has formed a double bottom.

UNI

The UNI token peaked on May 3 at $ 45 and has been declining since then. The price formed a bottom on May 23 in the $ 13 area and began a correction.

As a result of the refusal, a candlestick with a long lower shadow appeared on the charts, and four days later UNI reached $ 30. But then the bearish dynamics resumed, the token entered a symmetrical triangle.

As part of this pattern, UNI tested the horizontal support of $ 14.50 (green icons) three times. In addition, the last two lows have been accompanied by strong bullish divergence on MACD, RSI & Stochastics.

This usually indicates that the price is ready for a bullish breakout outside the triangle.

In this case, a rise to resistance at $ 28.90 is possible. This area coincides with the 0.5% Fibonacci retracement.

TradingView Chart

What to look for

  • UNI is trading within a symmetrical triangle.
  • Key Support – $ 14.50.

CRV

CRV has been moving along the downtrend line of resistance since April 15th. Price tested it four times, the last one on July 7th.

CRV bottom on May 23 at $ 1.05 and has retraced. As a result of the pullback, the price tested $ 1.25 as support. This level coincides with the 0.786 Fibonacci retracement for the entire upward movement.

Technical indicators don’t give a clear picture. MACD has formed a triple bullish divergence, but the RSI is holding below 50, and the stochastic has issued a bearish cross.

In case of an upward breakout, the price will rush to the resistance in the area of ​​$ 2.85 (0.5 Fibonacci retracement relative to the downward movement).

TradingView Chart

What to look for

  • CRV bounced off the support area around $ 1.25.
  • The price is moving along the descending resistance line.

SUSHI

SUSHI has been rising since May 22, after hitting a low of $ 5.96.

The token peaked on July 7 at $ 9.72, but then began to fall, by July 20, the price tested the $ 6 mark. This is a double bottom relative to the June 26 price low. The pattern is considered a bullish pattern.

In the short term, both MACD and RSI form bullish divergences. The dynamics resemble the UNI technical picture.

Taking into account the double bottom, it can be assumed that the price will soon test the resistance area of ​​$ 9.60.

TradingView Chart

What to look for

  • SUSHI has formed a double bottom.
  • Resistance is at $ 9.60.

You can read the latest technical analysis for Bitcoin (BTC) here.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website.

Avatar

Karice Dabule

Read Previous

The USD / JPY achieves some gains – Analysis – 07/21/2021

Read Next

Tribute to the number: developers complained that VK will take 45% of revenue from online goods