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News- Filecoin has formed a bearish doji pattern in the daily chart. In contrast, it is trading above 50 and 100 Moving Average.
- FIL price is currently trailing at $161.9 with an intraday gain of 1.68%. Meanwhile, the FIL/BTC pair is at 0.002798 BTC with a growth of 0.54%
FIL price had jumped more than 250% this year. FIL price is currently on a downtrend with upcoming levels of $100. It is a blockchain-powered decentralized data storage that boosts the efficiency of the current system and replaces the current cloud storage systems. It was launched in 2017 to disrupt the current storage systems..
Filecoin has a market capitalization of $324,135,706,379. The volume($887,002,542) of the coin has observed a decrease of 21%. The volume to market capitalization ratio for the coin is 0.07. If it crosses above 0.75, then a strong buying rush can be seen..
Technical Indicators Hints A Halt From Bullish Move For FIL Price
Source: Trading view
Filecoin highlights a weak bearish momentum on the weekly technical chart. The daily chart of FIL Price hints at a consolidated momentum. Filecoin price is trading above 50 and 100 Moving average. Whereas the 50MA(RED) line is at $145.29, making it temporary support for the price. FIL price can see a reversal while going up from $200.
In contrast, the bounce-back can be seen from $135. There is a formation of a bearish doji pattern in the daily chart. If the price moves $170, then a strong bullish momentum can be seen. FIL/BTC pair can also see a gain of 10% in the upcoming months.
RSI(BEARISH): It is trailing at 57.73, highlighting its presence in the neutral zone. There is a negative slope formation in the RSI, highlighting that the price can see a downtrend. The overall sentiment of RSI is bearish.
Conclusion
Filecoin has seen some significant gains this year. FIL price might be coming to an end of the bull run. There is a chance that the price might see reversal up to $200. An Investor should do their due diligence before investing.
Technical Levels
Major Resistance:$200
Major Support: $135
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.
