As tensions between Russia and Ukraine escalates, it poses a threat to the wider crypto market which was already suffering from the bearish trends of the December crash. The likes of Uniswap, Filecoin and CRV projected similar trends where the price dropped considerably over the past few hours.
The wider crypto market has been reeling under the effects of the December market crash. The altcoin was able to consolidate its price action 24 January onward and on 8 February, it reached resistance at $12.90 level before going through a downtrend again. A couple of days back, the price found support at $8.36 level and bounced to $9.28 the previous day before dropping again.
Uniswap (UNI) dropped 13.69% over the previous day. The support level at $10.18 was retested multiple times, therefore weakening it and finally breached on 19 February. During press time, UNI traded at $7.76. The RSI at 23.53 dipped into the oversold territory, while the AO seemed extremely bearish at the moment as it rested way below the zero line.
Filecoin (FIL) had a dramatic decline from $120 in September last year to gaining support at $16.91 level on January 4. Passing through the market crash in December, the coin started consolidating its position from January then onwards and reached a resistance at $26.19 on 8 February following an uptrend.
Since then, a downtrend has been observed which has led FIL to retest the support level at $16.91 once again since last month. Bitcoin’s sudden drop to $39,000 resulted in FIL taking a nosedive in the charts. The altcoin found support briefly at $18.34 level and bounced till it reached 19.54 the day before, before suddenly dropping again and breaching past the previous support level.
The RSI at 25.34 has moved into the oversold region in the last few hours, whereas the MACD projected a bearish crossover under the zero line indicating further dip can be expected. FIL traded at $16.94 during press time.
Curve DAO Token (CRV)
Even though Curve DAO Token maintained a better position than many other coins during the December market crash, it was eventually pushed down by the bears towards the end of January. The altcoin started stabilizing its price movements on 4 January and even reached a resistance at $3.72 from a support level of $2.41.
However, similar to UNI and FIL, the price started following a downtrend on 8 February and over the past week, the price dropped around 35%. The altcoin briefly gained support at $2.25 level a couple of days back and bounced to reach resistance at $2.49 the next day, before it started dropping again. During press time, CRV was trading at $1.99, dropping almost 12% over the previous day. The RSI at a mere 22.95 was pushed in the oversold territory and the bearish conditions were confirmed by the consistently decreasing OBV line. Further drop in price can be expected in the next few hours.