Uniswap has been an ambitious project in the crypto space and its token reflects its growth. However, when the market collapsed yesterday, the value of UNI and other alts like Filecoin and VeChain was also drastically impacted.
Uniswap [UNI]
Source: UNIUSD on TradingView
The Uniswap chart reflected the price increase observed in early April. The price was already in a downtrend before volatility set in and pulled it down. The price was currently near the $ 31.54 support as it was trading at $ 31.75.
The convergence of the Bollinger Bands suggests that volatility has escaped the UNI market; the signal line crossing the candles indicated a bearish market. However, the Relative Strength Index determined that the digital asset was near the equilibrium zone and it could indicate further consolidation of the asset.
Filecoin [FIL]
Source: FILUSD on TradingView
The Filecoin chart noted that longstanding support has now turned into strong resistance. Price rallied after collapsing yesterday above the USD 150 support. Before the fall, however, $ 161 had been set as firm support. Although the FIL was on the recovery path, it failed to break the resistance.
Bollinger bands indicated that the market’s volatility has decreased. The market has remained quite volatile since autumn. The signal line tried to move above the candlesticks, which could indicate that the price trend was increasingly sloping. In the meantime, momentum has returned to the FIL market.
VeChain [VET]
Source: VETUSD on TradingView
The VET token has been on a wild journey since the beginning of April and the price drop on Sunday did not affect the token’s reputation. As the graph shows, VET started at $ 0.09 and rose 180% in 18 days. The digital asset was currently trading at $ 0.2546.
The asset has fully recovered from the decline and the market still looked bullish. However, the signal line tried to move above the price bars while the sell-off continued. Additionally, the MACD line moved below the signal line, suggesting that the uptrend was over and the bears may take the lead.
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