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- The FIL coin price is bearish for the short term as it falls back to the demand zone, after strong rejection.
- The coin price is forming a head and shoulder pattern on a daily time frame.
- The pair of FIL/BTC is trading at the price level of 0.000290 with a decrease of -0.49% in the past 24 hours.
The FIL coin price, as per the price action, is bearish as it fell back to the demand zone. This comes after the FIL coin price faced strong bearish pressure from the demand zone. As of now, the FIL coin price is resting in the long-term demand zone. The coin price is at make or break level and a fall in the price will result in the breakdown of the long-term demand zone. At a lower time, the coin price is making higher high and higher low formation on a lower time frame. The FIL coin price was consolidating before the recent fall at the previous breakout zone, but it failed to sustain above it. The FILS coin price is trading below the 50 and 100 Moving averages. Recent bearishness in the FIL coin price resulted in the breakdown of the important MAs. Moving upwards the FIL coin price can be seen facing strong rejection from these important MAs. The FIL coin price is currently trading at the lower band of the Bollinger band indicator, after failing to surpass the upper band. The FIL coin price has fallen below the 14 SMA. Volumes have increased due to the breakdown of the supply zone.
The FIL coin price is forming bead and shoulder pattern on a daily time frame
Relative Strength Index: RSI curve is currently trading at the level of 38.45.RSI curve is yet to cross the halfway mark of 50. Once the coin price bounces off the demand zone, the RSI curve can be seen moving upward crossing the halfway mark of 50, supporting the trend of the FIL coin. The RSI curve has also crossed the 14 SMA downward indicating some bearishness before the further upwards movement. If the coin falls below the demand zone, the RSI curve can be seen falling further.
Supertrend: The FIL coin price fell as it faces strong rejection from the supply zone. Until now the coin price was continuously resting at the super trend buy line but recent bearishness led to a breakdown of the super trend line. As a result, the coin price fell and the super trend indicator triggered a sell signal. Moving upward the FIL coin price can be seen facing strong bearish pressure while approaching the supply zone.
Moving Average Convergence Divergence: The FIL coin price is bearish as it fell below the important breakout zone. Currently, as it rests at the demand zone, the MACD indicator has given a negative crossover. The orange line crossed the blue line on the upside. If the coin price fails to sustain above the demand zone, then the fall in the price of the FIL coin can result in the MACD line widening supporting the trend.
CONCLUSION: The FIL coin price is bearish as per the price action. The FIL coin price is forming a bearish chart pattern. As the coin fell from the supply zone, the technical parameters also turned negative. It remains to see if the bulls can push the coin price up from the demand zone, or if bears take control and push the price down.
SUPPORT: $5 and $5.2
RESISTANCE: $7.5 and 7.7
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
