by Eliman Dambell
Uniswap moved to a one-week low on Tuesday, as crypto markets were mostly in the red during today’s session. The latest red wave in crypto markets comes days after several high-profile tokens rose to multi-month highs. Filecoin was one such token, however, it too declined today, falling for a third straight day.
Uniswap (UNI) fell to a one-week low on Tuesday, just over ten days after the token was trading above a three-month high.
Following a high of $9.84 last Monday July 28, UNI/USD dropped to an intraday low of $8.37 earlier today.
This drop sees UNI extend recent price uncertainty, which comes after failing to break out of a resistance point of $9.30 over the weekend.
From a failed breakout of this key price ceiling, it now looks like the token is heading for a floor of $8.20.
However, this could be a positive, as history has shown that there is significant bullish pressure at this level.
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.
Should the RSI reach this point, and bulls buy at the floor of $8.20, it is likely that UNI may attempt to climb back towards $9.30.
Filecoin (FIL) was another notable mover on Tuesday, as the token fell by close to 10% in today’s session.
FIL/USD dropped to a low of $8.26 earlier today, which comes less than a day after trading at a high of $9.24.
Similar to UNI, the decline comes as the token slipped for a third consecutive session, days after trading at a multi-month high.
This most recent streak of declines began on Sunday, when the token failed to overcome a strong ceiling at $9.50.
As of writing, the 14-day RSI is tracking at 56.46, which is the lowest point for the index in over two weeks.
This could be an opportunity for bulls looking to buy the dip, as prices seem to be relatively oversold. However, this may also be a trap, with prices set to fall below the current floor.
Register your email here to get weekly price analysis updates sent to your inbox:
Could we see filecoin rebound in the coming days, and move back above $9.00? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP ‘Has Gone Exceedingly Well’
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP “has gone exceedingly well.” He stressed: “This case is important, not just for Ripple, it’s … read more.
Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments
Russia’s recently revised bill “On Digital Currency” limits crypto purchases for non-qualified investors while providing legal ground for some cryptocurrency payments, according to local media. The draft law, proposed by the Russian finance ministry, also introduces strict requirements for platforms … read more.
Check all the news here
