Home
News
- 1 Filecoin price forecast suggests that the price is facing a downward momentum.
- 2 FIL crypto price halted near the value of $12 and is currently trading at $8.130.
The Filecoin cryptocurrency has experienced a decline in value over the past few weeks, encountering resistance at higher levels and reaching lower lows. This suggests that the bears have been in control and that the cryptocurrency has lost momentum. Despite this, the crypto is still trading above its 200 exponential moving average.
A bearish pattern has emerged, causing the crypto to wipe out the profits it had made last month. It has returned to its previous level marked by 200-EMA, which could potentially serve as a support. Technical analysis indicates that the crypto is oversold and may recover from its lower levels. However, in order to validate a pullback rally, the crypto must demonstrate signs of strength and reversal.
Buyers tried multiple times to break the upper range and move upwards, but were rejected, indicating that sellers are still active on upper levels.
Currently, the Filecoin cryptocurrency (USD: FIL) is undergoing a correction phase and is trading close to its critical support level of $8.00. If a bearish candle is formed, it will indicate that buyers are active and will make an effort to facilitate a bounce back.
Technical Analysis Of The Filecoin Crypto
The current trading price of Filecoin is below the 50-day and 20-day EMAs, indicating a bearish trend. Despite this, the Filecoin price is still significantly higher than the EMAs.
The MACD has made a negative crossover and the histogram is red, indicating a slight bearish momentum. The RSI value stands at 41.73 points, with the 14 SMA over the middle line at 47.42 points, further pointing towards the bearishness of the Filecoin cryptocurrency.
The price of FIL cryptocurrency experienced a decline of 4.04% in the previous session, ending at $8.054. If the current support level is maintained by buyers, there is a higher chance of a bounce back. However, if the sell-off continues and Filecoin falls below lower levels; further decline is expected.
FILCOIN Price vs Volume Analysis
According to the volume and price graph, the trading volume has decreased over the past few days, and the price has also gone down significantly. As a result, the price is expected to rise in the long term.
FILCOIN Price Social Dominance vs Social Volume
According to the graph of social dominance and social volume, both have been decreasing over the past few months. This has had a positive impact on the price. Additionally, the momentum of FIL’s price may be affected by changes in social dominance and volume dominance.
Summary
Filecoin crypto (USD: FIL) using technical indicators like RSI and MACD. The crypto has been showing signs of weakness as it trades below resistance levels and forms lower highs, indicating bearishness. The RSI and MACD indicators are also bearish to neutral, suggesting caution for traders. However, the crypto is still trading above its 200 exponential moving average, and it may recover from its lower levels if buying volume increases. Buyers have attempted to break the upper range multiple times but have been met with rejection due to the strong presence of sellers.
Technical Levels
Support Levels: $6.642
Resistance Levels: $9.314
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
