Uniswap moved to a one-week low on Tuesday, as crypto markets were mostly in the red during today’s session. After several prominent tokens reached multi-month highs, the latest crypto market red alert comes just days later. Filecoin was one of these tokens, but it also declined today. It fell for the third day straight.
Uniswap
Uniswap fell to a 1-week low Tuesday (just over ten days following a token trading at a high of three months.
After a peak of $9.84 on Monday, July 28, UNI/USD fell to an intraday low at $8.37 today.
This is a continuation of recent price uncertainty by UNI, after it failed to breach a resistance level of $9.30 last weekend.
It now appears that the token will reach $8.20 after a failure to break this price ceiling.
This may be a positive as there has been significant bullish sentiment at this level in the past.
Today’s decline comes as the relative strength index (RSI) fell below a floor of 57, and now looks to be heading for another support at 53.
If the RSI reaches that point and bulls continue to buy below $8.20 it is possible for UNI to attempt to climb again towards $9.30.
Filecoin (FIL).
Filecoin (FIL) was another notable mover on Tuesday, as the token fell by close to 10% in today’s session.
The FIL/USD fell to an $8.26 low earlier today. This comes just a day after the high of $9.24.
The decline is similar to UNI. It comes after the token fell for the third straight session days after reaching a multi-month peak.
The token’s most recent declines started on Sunday when it failed to surpass a $9.50 ceiling.
At the time of writing, the 14 day RSI has reached 56.46. It is at its lowest point in nearly two weeks.
Bulls may be able to purchase the dip at a bargain price, considering that prices are currently quite oversold. But, prices could fall below the floor, which may be a trap.
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Is it possible that filecoin will rebound over the next days and reach $9.00 again? Please share your views with us in the comments.
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