As tensions between Russia and Ukraine escalates, it poses a risk to the broader crypto market which was already affected by the bearish traits of the December crash. The likes of Uniswap, Filecoin and CRV projected related traits the place the worth dropped significantly over the previous few hours.
The broader crypto market has been reeling underneath the results of the December market crash. The altcoin was in a position to consolidate its worth motion 24 January onward and on 8 February, it reached resistance at $12.90 degree earlier than going via a downtrend once more. A few days again, the worth discovered help at $8.36 degree and bounced to $9.28 the day before today earlier than dropping once more.
Uniswap (UNI) dropped 13.69% over the day before today. The help degree at $10.18 was retested a number of occasions, due to this fact weakening it and eventually breached on 19 February. Throughout press time, UNI traded at $7.76. The RSI at 23.53 dipped into the oversold territory, whereas the AO appeared extraordinarily bearish in the mean time because it rested method beneath the zero line.
Filecoin (FIL) had a dramatic decline from $120 in September final yr to gaining help at $16.91 degree on January 4. Passing via the market crash in December, the coin began consolidating its place from January then onwards and reached a resistance at $26.19 on 8 February following an uptrend.
Since then, a downtrend has been noticed which has led FIL to retest the help degree at $16.91 as soon as once more since final month. Bitcoin’s sudden drop to $39,000 resulted in FIL taking a nosedive within the charts. The altcoin discovered help briefly at $18.34 degree and bounced until it reached 19.54 the day earlier than, earlier than all of the sudden dropping once more and breaching previous the earlier help degree.
The RSI at 25.34 has moved into the oversold area in the previous couple of hours, whereas the MACD projected a bearish crossover underneath the zero line indicating additional dip could be anticipated. FIL traded at $16.94 throughout press time.
Curve DAO Token (CRV)
Despite the fact that Curve DAO Token maintained a greater place than many different cash through the December market crash, it was ultimately pushed down by the bears in the direction of the tip of January. The altcoin began stabilizing its worth actions on 4 January and even reached a resistance at $3.72 from a help degree of $2.41.
Nonetheless, much like UNI and FIL, the worth began following a downtrend on 8 February and over the previous week, the worth dropped round 35%. The altcoin briefly gained help at $2.25 degree a few days again and bounced to achieve resistance at $2.49 the following day, earlier than it began dropping once more. Throughout press time, CRV was buying and selling at $1.99, dropping nearly 12% over the day before today. The RSI at a mere 22.95 was pushed within the oversold territory and the bearish situations have been confirmed by the persistently lowering OBV line. Additional drop in worth could be anticipated within the subsequent few hours.