Crypto Price Analysis August 9: FIL, CRV, KSM, RUNE, UNI

Key Insights:

• Curve DAO token led the market with a 10.57% fall.
• Filecoin, Kusama, and others followed suit with more than 8% dips.
• Bitcoin and Ethereum were in line with the same, falling to $23k and $1.6k.

Cryptocurrencies mostly noted a downtrend today as the crypto market faced the impact of the US Office of Foreign Assets Control’s (OFAC) sanctions on the crypto service provider Tornado Cash.

The platform linked with the North Korean hackers – the Lazarus Group, has been barred from usage by any US citizen.

Consequently, despite TORN, the native token of Tornado, being the epicenter, the bearish waves were felt across the crypto market, sparing only a few cryptocurrencies which did not even include the king coin and the altcoin king, which traded at $23,147 and $1,694, respectively.

Filecoin (FIL)

FIL noted an 8.84% decline today due to the broader market bearish cues, only days after marking an almost 87% rally in the span of 5 days.

The reason behind the fall has been a market cooldown caused by excessive bullish pressure, as evinced by the Relative Strength Index (RSI).

Curve DAO Token (CRV)

CRV was also amongst the worst performing assets of the day, falling by 10.57%, losing a part of its 165.42% rally from the month before.

Whether or not this momentum will stick is questionable since the Awesome Oscillator is exhibiting mixed signals at the moment.

Kusama (KSM)

Kusama finally broke its almost month-long streak of keeping above the basis of the Bollinger Bands, which would’ve been helpful during periods of volatility.

The 8.97% drop in 24 hours that caused this development also brought the trading price of the asset to $59.88 today.

ThorChain (RUNE)

RUNE was among the ones to lose the least, declining by just 5.69% in 24 hours after charting an 83.67% rally in the last two months.

But regardless of the rally, investors have been consistently pulling their money out of the asset as evinced by the downtick of the Chaikin Money Flow.

Uniswap (UNI)

Uniswap was the best performer of this lot as it only fell by 4.55% today, bringing the price to $8.391. The fall came days after the almost 155% rally from a month ago.

The MACD today also slipped into a bearish crossover, and the appearance of the red bar below the neutral line makes the altcoin far more susceptible to a price drop.