Uniswap’s (UNI) price has increased recently to reclaim a major support area. However, PancakeSwap (CAKE) is struggling to hold a rising supreme line which it formed in June. Further, SushiSwap (SUSHI) has met with resistance at $1.62.
Will Uniswap Breakout after Regaining Support?
CAKE, UNI, and SUSHI are now closer to possible bullish breakouts. They follow the footsteps of major cryptos like BTC, ETH, and XRP.
After hitting a peak of $9.83 on July 28th, the Uniswap price has slipped beneath a declining resistance line. On August 14th, the trend level also functioned as a rejection barrier, resulting in a reduced UNI price.
UNI/USD Price Chart. Source: TradingView
The UNI price plummeted to $5.14 on September 21st, falling beneath the $5.80 horizontal support region. However, it quickly recaptured this demand wall, reducing the prior breakout to a mere deviation.
On October 13th, UNI retreated to the $5.80 area, forming a lengthy lower wick. This shows significant buying pressure, which supports the probability of a breakthrough.
The daily RSI, which was positive earlier, formed a bullish divergence in early September, and its overall trend remains intact. Ever since, this signal has risen beyond 50.
Despite the minor negative outcome in the last 24 hours, these metrics indicate a positive Uniswap value outlook and the potential for a break.
The two primary resistance marks for a positive breakout will be $8.03 and $6.93. These represent the 0.618 and 0.382 fib retracement resistance levels, respectively.
Price Prediction For PancakeSwap And SushiSwap
Since September 29th, the price of CAKE has been dropping, similar to the rest of the crypto market. The token met with rejection at the $4.90 resistance level.
PancakeSwap’s price is rising after a fallout from a rising support line. This line has been there since June 18th. If the price of CAKE should fall, the nearest supports are $4.09 and $3.4.
SushiSwap’s price has been moving between the $1.10 and $1.62 range since June. Similar to Uniswap, the price of SUSHI dropped below the range twice.
Sometimes, this could signify a bullish movement which could see the price shoot up. Furthermore, the daily RSI has produced a positive divergence. It is believed that the high range will eventually be broken. If this happens, the SUSHI price might skyrocket.
By press time, Coinmarketcap reveals that Uniswap is trading at $6.44 after increasing by 1.94% in the past 24 hours.
Meanwhile, SushiSwap is trading at $1.49 after it hiked by 4.18% in the past day. Unfortunately, PancakeSwap has dropped by 3.75% in the last 24 hours to $4.39.