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- FIL price is currently giving bearish indications.
- FIL’s price is currently trading at $5.539 while seeing a change of 10.88% in 24-hour trading volume.
The sentiments of the investors are taking a bearish turn regarding FIL price. After trading on a bullish trend above all the major key indicators on the daily timeframe it seems like buyers are starting to step out of the action. Recently after trading under consolidation for a few weeks since early April the price made an effort to continue its bull trend.
Near mid-April FIL price made a bullish engulfing candle after taking support from the trendline. The making of a bullish candle might have proven to be encouraging to the buyers. However, as the price was facing severe resistance from 200 EMA the sellers started overwhelming the market, and the FIL price broke its 16-week support zone.
The FIL Price is giving a bearish breakout
The price of FIL gained buyers’ support near $3.000 after which it made an exceedingly bullish rally of more than 90%. Although reaching the price of $5.800, sellers attempted to take control of the price action yet after making a brief consolidation, the FIL token resumed its bull trend with a bullish engulfing candle. The price retained more than twice its overall value in this bullish trend.
Followed by the rejection from $9.00 price level, the FIL token lost 30 almost percent of its value where it fell below the $6.600 price. Though the bulls made an attempt to sustain above the level nevertheless they could not succeed.
Technical Analysis
The RSI line is currently making a bullish curve below the median line. The current value of the RSI line is 42.43 points and the 14 SMA is providing resistance to it at 52.55 points. At present, the RSI line is suggesting that Price can make an attempt to retest its resistance level.
The stochastic RSI is trading at the oversold level of 23.40 points. The present situation is presenting a bearish perspective. The %K after making a bearish crossover near the supply zone is making a sharp move toward the demand zone. The present situation suggests that the %K line and %D line can attempt a reversal in near future.
Conclusion
As per the analysis, the oscillators are giving bearish indications. According to historic price action, FIL price has been constantly respecting its Stochastic RSI. Presently, the price is suggesting that the sellers may remain in control of the market for a brief period.
Technical levels –
Support – $4.900
Resistance – $ 7.000 and $8.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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.
