Uniswap moved to a one-week low on Tuesday, as the crypto market was mostly red during today’s session. The latest red wave in the crypto market occurred a few days after several high-profile tokens rose to multi-month highs. Filecoin was one such token, but it declined again today, falling for a third straight day.
Uniswap (UNI)
Uniswap (UNI) fell to a one-week low on Tuesday, just over 10 days after the token traded at a three-month high.
Following last Monday’s July 28 high of $9.84, UNI/USD fell to an intraday low of $8.37 earlier today.
This decline extends recent price uncertainty after the UNI failed to break out of the $9.30 resistance point over the weekend.
The token now appears headed for an $8.20 floor after failing to break out of this key price ceiling.
However, this could be positive as history has shown that there is significant bullish pressure at this level.
Today’s decline is coming as the Relative Strength Index (RSI) has fallen below the floor of 57 and now appears to be headed for another support at 53.
If the RSI reaches this point and bullish buying comes in at the $8.20 floor, the UNI could try to rise toward $9.30.
Filecoin (FIL)
Filecoin (FIL) had another notable move on Tuesday as the token fell nearly 10% during today’s session.
FIL/USD fell to a low of $8.26 earlier today after trading as high as $9.24 less than a day ago.
Like UNI, the token fell for the third consecutive session after trading at a multi-month high.
This latest series of declines began on Sunday when the token failed to overcome a strong ceiling at $9.50.
As of this 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 appear relatively oversold. However, this could also be a trap, with prices set to fall below the current floor.
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