Valdrin Tahir, BeInCrypto’s Senior Analyst, has recently analyzed that, technically, Uniswap is on the verge of rejoining the recent bullish rally. At the same time, the PancackeSwap may remain under a downtrend throughout November 2022.
- The UNI token broke out from the short-term descending resistance line on October 25. It quickly reclaimed the $6.93 resistance level. It is a horizontal resistance area that also stands near the 0.382 Fib retracement level. The UNI price has been attempting to validate it as support over the last 24 hours. “If successful in doing so, the rate of increase could accelerate greatly,” he stated.
- Daily closes below $6.93, and RSI breaks below its bullish divergence trend line, which would invalidate this bullish sentiment. The price movement suggests a re-test of $5.75 is likely in that case.
- For PancakeSwap, a bearish divergence was produced by the daily RSI between August 9 and September 29. (green lines). Following that, the price movement produced a lower high, which led to CAKE dropping to the ascending support line. The divergence’s trend line is still valid.
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