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- The FIL price is about to cross $5 support amid the bearish rally across all time horizons. The coin needs support before a collapse.
- Unleashing the reason behind the fall of FIL.
- The FIL/BTC pair is at 0.0002681 BTC with a loss of 2.02% in it.
Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” Decentralized storage systems like Filecoin allow people to be their own custodians of their data, as well as make the web more accessible to people worldwide.
The FIL price is facing a strong downtrend movement across all time horizons. This indicates the bears have once again established a dominance over the market and now the whole crypto market is facing a downtrend. A falling wedge pattern can be observed over the daily chart, the coin needs to attract buyers in order to make a breakout. If the bears dominate and the price makes a breakdown the price can hit the crucial support level of $2.
The current price for one FIL coin is hovering at $5.20 with a loss of 5.19% in its market capitalization in the last 24 hrs. The coin has a trading volume of 109 million which is currently facing a loss of 12.93% in the 24 hrs trading session and a market cap of 1.1 billion. The volume market cap ratio is 0.0914.
Unleashing the Reason Behind the Fall for FIL
The FIL is falling continuously over the daily and hourly chart. The trading volume is currently at a loss of 13% which is also a reason for the downtrend movement. But one of the major reason for fall is the domination by the traditional crypto currency Bitcoin, the BTC price once again slips below 20K level and BTC being a great dominator makes the ALT coins behave bearish. The investors need to take care about this before making any move.
The MACD indicator just made a negative cross and now the MACD line will move below the MACD signal line. The relative strength index in support is indicating the selling pressure over the coin. The value for RSI is below 35.
Conclusion
The FIL price is facing a strong downtrend movement across all time horizons, this indicates the bears have once again established a dominance over the market. A falling wedge pattern can be observed over the daily chart and the coin is calling bulls for a breakout. one of the major reason for fall is the domination by the traditional cryptocurrency Bitcoin, the BTC price once again slips below 20K level
Technical levels
Resistance levels: $5.8 and $6.4
Support levels: $4.7 and $4.2
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.
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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
