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- 1 The FIL crypto price has declined below the crucial trendline.
- 2 Filecoin has lost its value by more than 90% in the previous 5 years.
Filecoin is known to be a decentralized storage protocol token. It generally empowers the Filecoin Network. Filecoin token motivates the users to store their data and retrieve it from the storage providers. Its aim is to create a cost-effective, reliable, and secure market for cloud file storage. The coin was created by members at Protocol Labs. The Protocol lab was founded by Juan Benet and Dave Hyland in 2014.
Filecoin hit an all-time high price of $236.84 over 2 years ago and since then the coin has been unable to break the following high. It denotes that there has been no optimism among the traders and investors for the coin for the last two years. The current market cap of the FIL has also declined by 2.86% in the last 24 hours.
The volume for the FIL coin has advanced by 8.65% in the last 24 hours, but there has been no significant activity seen in the derivatives of the coin. The current value/market cap ratio of Filecoin is 5.66%. It follows a total supply of 1.961B FIL.
The coin has a fully diluted market cap of $6.51B and the current ranking of FIL crypto based on the volume is #42. The following data is recorded from Coinmarketcap. The coin has witnessed a decline of 5.70% in Open Interest in the last 24 hours. It also has a very high long liquidation of $382.75K. That is negative for the price of the coin.
Filecoin Coin Technical Analysis
The Filecoin price was consistently taking support a very crucial dynamic trendline formed at the bottom of the chart. The FIL coin recently broke down below the same line breaking the hope for buyers. There is no sign of bullishness on the charts as of now as the price is making bearish candlesticks.
Following a huge decline in the price of FIL crypto, the EMAs are also trading in a death cross. This cross is led by the 50-day and the 200-day EMA.
The RSI of the FIL is also following a bearish cycle. The RSI is currently trading at 50.54 but has dipped to the oversold zone once. This denotes the sellers’ dominance and it can be considered bearish unless the RSI breaks above the overbought zones.
Conclusion
The FIL token has broken down below the crucial trendline. The volume of the FIL also does not have any significant activity. It has also witnessed a huge long liquidation. Technical indicators like EMA and the RSI are giving bearish signals on the FILUSD chart.
Therefore, the price of the FIL coin can continue to decline to further lower levels. We might get to see lower levels in the coin in the upcoming days.
Technical Levels
- Support levels for the Filecoin Coin are: $2.500 and $2.700
- Resistance levels for the Filecoin Coin are: $4.880 and $6.400
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
