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•FIL/USD is currently priced at $17.85 and has increased by 0.35% over the past day
•The trading volumes have increased by 27.44% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Bears tussling with bulls for bragging rights
The Filecoin price today is $17.85 USD with a 24-hour trading volume of $323,687,796 USD. Filecoin is up 0.35% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.09266 for the altcoin.
In the bearish trend that has gripped the crypto market since Q4 2021, Filecoin has also been having a hard time. Since trading volumes are comparatively low, bears might have the upper hand unless there is a sharp breakout above the resistance level placed at $20. If the altcoin keeps trudging along at its current pace, the bears are bound to take over and push the Filecoin Price below the support placed at $14.40. The bearish sentiment is reflected aptly by the altcoin transacting below the 20,50 SMA on the four hour chart
Long Term View for Filecoin Price
The RSI for Filecoin is currently transacting at 41.35, having recovered slightly from yesterday. A break above its equilibrium could open up a recovery route for the asset to snap its immediate resistance placed at $20. The MACD indicator is bearish for the near term as it shows the MACD and signal line transacting in the negative zone, while the histograms are shown to be red on the daily chart.
Conclusion
Filecoin prices remain in range mode as the technical indicators suggest low underlying momentum. Still, the table could quickly turn if bulls push prices above the main liquidation line at $20.
Support: $14.40
Resistance: $20-$24
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
