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- Filecoin is currently trading in a parallel channel with an intraday loss of 3.91%. Meanwhile the FIL/BTC pair is at the level of 0.000842 BTC
- FIL coin technical indicators are in favours of bear but in the long run bulls can win the race
Filecoin price is currently at the value of $39.45 with a loss of 4.28%. FIL can face resistance at the value of $47 and on the downside, it can see a bounce back from the value of $30. It is trading above 50 and 100 Moving Average on the 4-hour chart. The 50MA white line is at the value of $39.45, making it temporary support for the coin. If the FIL price breaks below the 50 and 100 MA, it would be tough to recover on the positive side.
Filecoin is currently ranked at 38, with a market capitalization of $2,259,742,215. FIL volume has seen a change of -47.08% in the 24-hour time frame.
FileCoin Technical Indicators Suggest A Bearish Move
FIL has given more than 100% return from the start of this year. The coin price has jumped from $24 to $50 in a mere span of 3 months. On the weekly chart, FILshows negative momentum, and has a long route to cover. In the shorter time frame of the 4-hour chart, it has formed a rising parallel channel. If the price goes down up to 10% of the channel line, it would be difficult for it to retrace back. The coin has also given a negative crossover of Moving Average in the 4 hour chart
RSI(Bearish): It is trailing at the value of 49.42, showcasing its presence in the overbought zone. There is a negative slope formation in RSI, which highlights that price can see a downtrend in the upcoming session. The overall sentiment of the RSI is bearish.
Filecoin Bulls Are Asleep
Filecoin project has a great vision with a great project.The complexity and vision does not make up for the price action. FIL can see a jump in the price but there can be a wait. An Investor should do their own due diligence before investing.
Technical Levels
Major Resistance:$47
Major Support:$30
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
