UNI falls to 1-week low while FIL extends recent losses – Market Update Bitcoin News

Uniswap fell to a one-week low on Tuesday as the crypto market was mostly in the red in today’s trade. The latest red wave in the crypto markets comes days after several high-profile coins rose to multi-month highs. Filecoin is one such coin, but it also fell today for the third day in a row.

Uniswap (UNI)

Uniswap (UNI) fell to a one-week low on Tuesday, just over ten days after the coin was trading above three-month highs.

After hitting a high of $9.84 on Monday, July 28, UNI/USD fell to an intraday low $8.37 earlier today.

The drop allowed UNI to expand near-term price uncertainty, which came after it failed to break above the $9.30 resistance point over the weekend.

Biggest movers: UNI falls to 1-week low while FIL extends recent losses
UNI/USD – daily chart

Having failed to breach this key price ceiling, it now appears that the coin is heading towards a floor price of $8.20.

However, this could be a positive as history suggests there is significant bullish pressure at this level.

Today’s decline comes as the Relative Strength Index (RSI) broke below the bottom at 57 and now looks to be heading towards another support level at 53.

If the RSI reaches this point and the bulls buy at the $8.20 floor, UNI could try to recover to $9.30.

Filecoin (FIL)

Filecoin (FIL) was another notable mover on Tuesday, as the coin fell nearly 10% in today’s trading.

Earlier today, FIL/USD fell to a low of $8.26, less than a day before it traded at a high of $9.24.

Similar to UNI, the drop came as the coin slipped for a third straight session, trading at multi-month highs a few days later.

Biggest movers: UNI falls to 1-week low while FIL extends recent losses
FIL/USD – Daily Chart

The latest drop began on Sunday, when the coin failed to break above a strong ceiling of $9.50.

At press time, the 14-day RSI was tracking at 56.46, the index’s lowest point in more than two weeks.

This could be an opportunity for bulls looking to buy the dip as prices appear to be relatively oversold. However, it could also be a trap where the price will break below the current bottom line.

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Could we see filecoin rally back above $9.00 in the next few days? Let us know your thoughts in the comments.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.




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