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- FIL hit a fresh yearly low at $2.419 and prices lost almost 28.83% on a previous week.
- Filecoin breakdown important support zone of $4.000 with a higher volume indicates bear dominance on higher levels.
- MACD had generated a fresh negative crossover whereas RSI at 27 entered oversold zone
Filecoin has been trading with the mild bearish cues and bulls were struggling to defend the recent lows at $2.419 while the previous few sessions are dominated by bears and FIL/USDT had lost almost 28.83% on a weekly basis. As of now FIL/USDT is trading at $2.934 with the intraday loss of 1.51% and 24 hour volume to market ratio stood at 0.0814
Will bulls be able to defend recent lows ?
On a higher timeframe, FIL had been in a downtrend for a quite longer period of time and bears were continuously dominating on higher levels. In the end of July, bulls once attempted to trade above $10.000 but unfortunately prices were unable to sustain higher levels and sellers succeeded to drag the prices down below the important support zone of $5.000. After a little bit of consolidation in the range between $4.000 to $5.000 zone. Recently prices slipped below $4.000 level and hits a fresh low at $2.419
The 200 ema (green) sloping down, which is far away from the current price indicates a trend to remain weak on a positional basis and the 50 day ema (pink ) at $4.227 will act as an immediate hurdle for bulls followed by next will be $5.000 and 6.000. The MACD had generated fresh negative crossover indicating bearishness may for some more time whereas RSI at 27 denotes oversold level and prices may witness relief rally in coming weeks.
When will the trend reverse in the favor of bulls ?
On a lower time frame, FIL had been trading sideways in the range between $4.000 to $5.000 but sellers took control over the support level and prices had broken down $4.000 with higher volume indicating bears are dominant on the higher levels.The super trend indicator had generated sell signal which is likely to continue for some more time which will keep the short term trend in a bear grip whereas If bulls succeed to reclaim $4 level, we may see some positive upside momentum in the favor of bullish investors.
Summary
FIL had been underperforming for a quite longer time and failed multiple times to sustain higher levels which denotes bear dominance on higher levels. Recently, the FIL prices had broken $4.000 support level, which triggered more negative sentiment in the coin and buyers seem to be reluctant to accumulate at lower levels. As of now aggressive traders must look for sell on rise opportunities keeping $5.000 as SL
Technical levels
Resistance levels : $4.000 and $5.000
Support levels : $2.000 and $1.500
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
