2022 made its appearance with prominent consolidation of the popular assets. While the DeFi space then maintained its trend under the shadows of the traditional cryptos, which decoupled to some extent, yet fell into the same deep well. Tokens like Fantom(FTM), Uniswap(UNI), etc surged relatively high. But yet again shed all of its gains since the early American trading hours.
Fantom price was swinging above the average levels through out the day before dropping below the opening price in the past couple of hours. The price is losing its momentum and dropping pretty hard. While the buyers are attempting pretty hard to prevent further loss,the bearish market sentiments is driving the price deep down.
The asset from past weekend is attempting to breakthrough the crucial resistance levels, yet failing to do so.The recent attempt of surging high went all in vain as the market again trembled down with large numbers as Bitcoin again slid doen below $41K. And hence Fantom price also crashed more than 9% which dragged the price around $2.2.
Moreover, the technicals are letting out a strong ‘sell’ signal while selling pressure is slowly mounting. Therefore, the asset could test the $2 levels yet again before making a huge move ahead.
The Uniswap since the recent crash on 6th Jan maintained a descending consolidation until now. While each attempt to barge-in the downtrend nullified which included the recent venture to rise beyond $17.
Yet again the bears manifested there strength to drag the price again below $15. However, the technicals still suggests the price could revisit still more lower lows before making the next attempt to range high.
The Uniswap price is maintaining a serious downtrend since the recent crypto crash. However, the UNI price attempted to slice through these descending channel, yet failed at the last step. Luckily, at the press time, the price is still hovering above the middle bands of the price manifesting the possibilities of spiking high in upcoming days.