Zcash, Filecoin, and Uniswap lead losses as Bitcoin drops to $103,000

Zcash extends a double top breakout amid intense selling pressure.
Filecoin marks its fifth consecutive day of losses, risking the gains made last week.
Uniswap reverses from the $10 mark, holding above the 200-day EMA.

Zcash (ZEC), Filecoin (FIL), and Uniswap (UNI) record double-digit losses on Wednesday as Bitcoin (BTC) drops to $103,000. The altcoins outpace the broader cryptocurrency market in losses over the last 24 hours, losing the recent gains. The technical outlook remains bearish, flagging a risk of further correction.

Zcash risks losses below $400

Zcash trades below $450 at press time on Wednesday, crossing below the 100-period Exponential Moving Average (EMA) on the 4-hour chart. The privacy coin extends the breakout double top pattern formed near $682 high from Monday, with a neckline close to the $500 psychological level.

Zcash’s declining trend targets the 200-period EMA at $372 as immediate support, risking the $400 round figure.

The Relative Strength Index (RSI) reads 37 on the 4-hour chart, sloping downwards, with further room for correction before hitting the oversold boundary. This indicates a steady sell pressure as the broader market corrects.

Meanwhile, the Moving Average Convergence Divergence (MACD) treads deeper waters below the zero line, signaling an intense bearish momentum.

ZEC/USDT 4-hour price chart.

Looking up, if ZEC reclaims the 50-period EMA at $523, it would nullify the double top pattern, potentially extending the recovery to the $600 round figure.

Filecoin’s declining trend aims to break below the 50-day EMA

Filecoin dropped below the 200-day EMA at $2.45 on Tuesday, extending a steady decline after the 79% rally on Friday. At the time of writing, FIL marks the fifth consecutive day of losses with a 1% decline as of Wednesday.

The pullback phase threatens the 50-day EMA at the $2.00 psychological level. If FIL drops below this level, it could extend the decline to the $1.27 low from November 4.

The RSI is at 53, retracing from the overbought zone and indicating a sharp reduction in the buying pressure. If RSI drops below 50, it could confirm a sell-side dominance.

At the same time, the MACD shifts downside, risking a crossover with the signal line, which could confirm renewed bearish momentum.

FIL/USDT daily price chart.

However, a potential bounce back in FIL from the 100-period EMA at $2.14 could test the 200-day EMA at $2.45.

Uniswap’s pullback approaches the 200-day EMA

Uniswap approaches the 200-day EMA at $7.992 after an 11% pullback on Tuesday, which ended the four-day streak of the uptrend. The Decentralized Exchange (DEX) token could extend its decline to the 50-day EMA at $7.02 if it loses support from the 200-day EMA.

The RSI at 63 retraces from the overbought zone, indicating a decline in buying pressure. Still, the relatively high values suggest a significant bullish inclination that could hold prices at key support levels.

Adding to the optimism, the MACD maintains a steady upward trend, with the signal line and successively rising green histogram bars, indicating an increase in bullish momentum.