Price Analysis of UNI, ALGO, and FTT after Over 4% Price Plunge
In recent days, the overall performance of the cryptocurrency industry has been very alarming for the entire investment community. The investors have been putting in extra efforts to elevate the prices for major cryptocurrencies but the situation is not coming under control.
For now, the overall trend of the cryptocurrency market is bearish and the prices of cryptocurrencies may continue falling deeper. Given the current situation of the cryptocurrency market, the investors will have to accumulate cryptocurrencies on really high levels.
As of now, Uniswap (UNI) is also facing the same situation where its price has plummeted by 5.56% in the past 24-hours. The investors have been losing their confidence in running rallies and accumulating more UNI. The orientation of the investors is currently towards the negative trend, which means that bears are in power.
The bears may attempt to pull the price of Uniswap lower by increasing their selling pressure. The bears may attempt to submerge Uniswap’s price to $8.81 and then down to $6.56. If their efforts are increased, they will be able to sink UNI’s price to $4.22.
The positive prediction supports the idea of bulls being able to launch a rally with extreme force. The rally would eventually push the price of UNI up to $11.84, $14.40, and lastly, to the third strong resistance mark ($18.65).
The situation for Algorand (ALGO) is not as bad as UNI but it has still been plagued by a 4.88% plunge. Therefore, Algorand’s price has plunged to $0.9345, and it may continue falling deeper.
The forecast for Algorand points towards a plunge to $0.833 if the bears pose more force than the bulls. If the bears keep pressing harder, then they will achieve the $0.692 mark, resulting in investors losing their sentiments. The bears may launch another selling spree in order to drag Algorand down to $0.534.
If the bulls are lucky, then their efforts would prove to be fertile, bringing the price of Algorand up to $1.05. Further push from the bulls may help uplift the value of Algorand up to $1.27, and then up to $1.64.
Another cryptocurrency experiencing a similar trend as Uniswap is FTX Token (FTT). FTX Token has observed a 5.06% plunge in the past 24-hours, and it is hovering over $42.40.
At the moment, the bears are creating a wave of high selling in order to push FTX Token’s price lower. Their selling activity would cause the price of FTX Token to move down to $38.13. If the bears continue selling FTX Token and keep adding more investors to their march, then FTX Token’s price may move down to $32.39. If the bears keep coming back with their selling spree and cause trouble for bulls, then FTX Token’s price would drop to $25.89.
The positive prediction for FTX Token suggests that if the bulls show their power and are able to fight against the bears, then its price may rise to $47.93.
The bulls may continue pressing harder to keep adding more numbers to FTX Token, moving it up to 58.03 and then $74.89 in the process.
