Chainlink, Uniswap, Filecoin Price Movement Analysis for 2nd May, 2021

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Chainlink was expected to fall below $39 before resuming northbound service. Uniswap broke north from a descending channel, offering expectations of $44 and even $47. Finally, before the next upswing, Filecoin can switch sideways between a constrained channel.

Chainlink [LINK]

Chainlink’s upward trend was stopped just before it crossed the $42-mark, but this was supposed to be a slight hiccup on the road to recovery. Higher lows on the 4-hour timeline highlighted LINK’s bullish improvement after falling as low as $30.

After the RSI had fallen below the overbought level, the market needed to stabilise before continuing its upward trend. This could happen at all of the support levels mentioned in the 4-hour window. A drop below $35 will also provide traders with long opportunities. MACD was on the brink of a bearish crossover, and dips could be anticipated in the near future.


Uniswap [UNI]

Source: UNI/USD, TradingView

Uniswap split north of its descending channel, and a move above the upper trendline marked a gain of more than 5%. According to the on-chain metrics, there was a risk of more improvements in the coming sessions. When momentum seemed to shift to the bullish side, the Squeeze Momentum Indicator climbed towards the half-line. This also meant that purchasing at the current price was an option, but a better entry point would have been at $39 instead.

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The MACD has yet to achieve a bullish crossover, and the UNI market’s 24-hour trading rates could be monitored for sharper movements. Fibonacci values of 138.2% ($44.1) and 161.8% ($47) provided certain expectations in the event of a prolonged bullish result.


Filecoin [FIL]

Source: FIL/USD, TradingView

Despite losses of more than 2.5 percent in the last 24 hours, the 4-hour chart revealed an intriguing growth. The 50-SMA (red) has closed in on the 200-SMA (green), and a good crossover would not only lift FIL beyond the $167.8-resistance level, but would also provide traders with buy signals. The existing market dynamics, however, indicated a degree of bearish weight. The red bars on the Awesome Oscillator highlighted this.

The RSI, on the other hand, remained above 50 and in bullish territory. Before the crossover between the two moving averages occurred on the maps, there was a possibility of a lateral rotation inside the current channel.


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