Filecoin price prediction is bearish for the current month and suggests the pullback rally will be sold off. FIL price declined by forming lower low swings and eroded the gains generated in the past few months.
Filecoin price is trading below the downward-sloping 50-day and 200-day EMA. It showcases the downtrend and dominance of sellers on the higher levels.
However, the crypto price is trading far away from the EMA so a temporary pullback rally is possible. But the reliability of the up move will remain doubtful.
In mid-August, FIL price broke down the crucial support of $3.500 with a high selling volume.
It hurt the sentiment of its investors and invited further decline. However, the price did not collapse much and got stuck in the range between $3.000 to $3.500.
It seems to be consolidating for the base formation but sellers look more aggressive as compared to buyers. Filecoin price is trading at $3.112 with an intraday decline of -0.03%. The 24-hour volume to market cap is 5.51%.
Will Filecoin Price Recover From the Yearly Low?
Filecoin price prediction is favoring the bears and showcases consolidation that might continue for some more time. Any short-term pullbacks are getting rejected. Due to this, buyers look reluctant to build fresh long positions.
FIL price is near its yearly lows so short-term recovery is possible. But buyers will gain confidence when prices are able to break out of the $3.500 hurdle.
On the other hand, if the sell-off continues and prices drop below $3.00, then more downside will open.
FIL Price Fell for Seven Consecutive Weeks
FIL price fell for seven consecutive weeks and is bearish on multiple time frames. It seems like buyers lost their confidence.
The yearly low support is the last hope for its long-term investors. If it gets broken, then a sharp decline might be visible which will drag the prices to the multi-year low.
The MACD displayed positive crossover but is sloping sideways indicating prices might continue the consolidation. The RSI at 31 is near the oversold territory so a relief rally may trigger anytime.
Conclusion
Filecoin price prediction is bearish but a short-term pullback rally is possible. FIL price is near its yearly low so buyers will try their best to rebound.
The analysis suggests that Filecoin crypto is in bears’ grip so pullback rallies will face difficulty in holding the higher levels.
Technical Levels
- Resistance levels: $3.600 and $4.487
- Support levels: $2.995 and $2.500
