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- Filecoin price is currently seeing a consolidated trend. Meanwhile, the asset price has seen a drop of 2% in the intraday session.
- Technical indicators of Filecoin suggest a down trend in price. FIL/BTC pair has seen a drop of 1.54% in the past 24 hours.
Filecoin is a decentralized storage system which aims to “store humanity’s most important information.” They have raised $205 million in an initial coin offering (ICO) in 2017, and initially planned a launch date for mid-2019. They aim to store data in a decentralized manner. Unlike cloud storage companies like Amazon Web Services or Cloudflare, which are prone to the problems of centralization.
Filecoin has a market cap of $1,399,966,586 and is ranked 34th in the crypto verse. The volume of the asset has seen a gain of 27% in the past 24 hours. Volume to market cap ratio of the FIL suggests a consolidated trend in price.
Technical Indicators Of Filecoin Are Not Favor In Bulls
The weekly technical chart of Filecoin suggests a downside momentum in price. On coming to the daily chart the asset price has seen a decline of 2% and is trading near the value of $4.34. There is a consolidated pattern formed in the price. The asset price is currently trading below the 50 and 100 Daily Moving Average. If the asset price jumps over 50 DMA then a strong upside momentum can be seen. The resistance of Filecoin can be seen near $5. Meanwhile, the support of the coin can be observed near $4.
RSI: RSI of the asset price is near 38 suggesting its presence in the oversold zone. There is a positive slope formed in the RSI suggesting an upside momentum in price.
Conclusion
Crypto market has seen a strong downtrend with the fall in FTX. Filecoin has also observed a strong downside momentum and is trading near its new low.
Technical Levels
Major Support:$3.8-$4
Major Resistance: $5-$5.2
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.
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.
