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- Prices are approaching the all time low prices.
- ROI drops to negative 72%.
- Current yearly supply inflation rate is 130.50%.
Filecoin’s market is laying low, for now, struggling to be less volatile and manage the downtrend being formed in the whole crypto market. The FIL token functions on the inflationary concept. Its current yearly inflation rate stands at 130.50%. Due to this, the token’s price is changed and, if not managed well, can fall uncontrollably. The ROI goes negative as the prices are nearing the lowest levels.
The char-t-ale
The overview of FIL suggests that prices moved, forming a parallel channel for the past few months. The current price action takes place in the upper region of the half line and may soon establish a bull run. The EMA ribbon lays close to the prices and can set prices to rise once claimed. The anticipated rise in price can reach to $5.5 level. The volume pressure and rising OBV support the prediction of a rise.
The CMF indicator floats near the baseline, currently trying to reach the positive zone. The MACD has recorded turns of active buyers and sellers and set the market to neutral. The RSI currently floats near the floor range of 30-mark, reflecting sellers being proactive. The analysis suggests the FIL market is inclined towards the sellers but not controlled by them.
The closer window
The smaller time frame shows prices consolidate and move sideways. The CMF shoots up to the higher zone, marking the uptick. The MACD also records a lace of buyers actively participating in the market. The RSI indicator spiked to the ceiling boundary, being overbought as buyers suddenly flooded the market.
Conclusion
The FIL coin is witnessing a conversion of emotions as new buyers emerge and appreciate the collaboration. The holders are impressed by the response to the hack and how the prices are sustained amid the hard hit. The $3 support zone can be used to enter and enjoy future benefits.
Technical levels
Support levels: $2.42 and $1.35
Resistance levels: $4.65 and $6.01
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.
