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

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

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.

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.

UNI Movement
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.

CRV resistance
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.

SUSHI double bottom
Chart By TradingView

Highlights

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

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

The post UNI, CRV, SUSHI – Exchange Based Tokens Prepare For Bounces appeared first on BeInCrypto.

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