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- 1 Filecoin price prediction is currently presenting a negative view for the bulls
- 2 Filecoin recorded a 182.9% increase in 24-hour trading volume.
- 3 The FIL price can see a decline in its value
Filecoin price prediction indicates that the FIL token is presently trading within the firm grasp of the bears. Despite making several attempts within the past few months the buyers have not been successful in breaking the price above its crucial resistance levels near 100 and 200 EMA on the 1 day chart.
The technical indicators favor the bears projecting a pessimistic perspective for the buyers. RSI and stochastic RSI oscillator are moving near the overbought zone whereas the major EMA lines are acting as barrier points for Filecoin price.
The present value of Filecoin is $4.607 It has a market capitalization of around $2 Billion seeing a surge within the past few weeks.
The Increase In Overall Parameters
The overall parameters on LunarCrush are steadily turning green which indicates that the community is getting active regarding Filecoin around the multiple social media platform. Total bullish sentiment metrics have increased by 6.94% whereas there is a 34.06% fall in Total Social Engagement volume over the past week.
Filecoin Price Prediction: Technical Analysis On 1 Week Timeframe
Source: Filecoin/USDT by TradingView
In the weekly chart price, Filecoin recently rebounded from the recent support level; developing a doji candle which indicates a trend reversal. The volume sticks are forming green candles whereas the oscillators are moving towards the supply zone though the price is presently moving near its previous resistance zone.
Filecoin Price Prediction: Technical Analysis On 1 Day Timeframe
Source: Filecoin/USDT by TradingView
Filecoin’s price is forming a red candle below the 200 EMA though the candle is yet to close.FIL token recently broke out above the 50 EMA which was previously acting as its resistance zone.
The RSI oscillator is moving near the supply zone. The current value of RSI is 63.60 points, whereas the 14 SMA is providing support to it at 51.02 points.
The stochastic RSI is making a double-top pattern. The value of the stochastic RSI is 94.77 points. The %K line may soon give a bearish interception to the %D line.
Conclusion
As per the analysis, the price of Filecoin investors’ sentiments regarding the FIL token are taking a bearish turn. The oscillators are moving near the demand zone. On the longer timeframe, the technical indicators indicate that FIL price increase, whereas on the daily timeframe, the price is facing severe resistance.
Technical levels –
Support – $150.0
Resistance – $400
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.
