- Filecoin price experiencing intense selling pressure, and it falls below significant moving averages
- The coin is trading on a bearish note forming lower highs and lower low sequence, and falls almost -50% from ATH of $237
- The pair of FIL/BTC is trading at 0.002324 BTC with an intraday loss of -4.70, and the pair of FIL/ETH also slipped nearly -4.65% CMP at 0.03041 ETH
Filecoin price over the monthly chart is trading on a bearish note and drop below major moving averages (MA). After making a new all-time high of $238 FIL witnessed a sharp selloff and corrected almost -50% from the top. Meanwhile, the coin is trying to sustain above 100-DMA while a drop below 20 and 50-DMA. However, the 20-DMA line is heading closer to 50-DMA, and the negative crossover will create more selloff. The volume over the monthly chart is continuously decreasing, and for positive momentum, it needs to improve. Support on the lower side is at $90 and $66; likewise, resistance on the higher side is $167 and $200. Since a huge selling pressure is already seen and FIL can experience some temporary pullback.
At Weekly Chart Filecoin Reaches Oversold Zone
Over the weekly chart, Filecoin price is ready to recover or pull back, as the coin is oversold. After a massive selloff, the coin now reaches the oversold zone and can recover soon. Moreover, the technical parameters are also indicating some recovery which is oversold. Currently, FIL is trading at $118 with intraday loss of -15.57% and the volume jumps by +248% standing at $3,555,948,814. Similarly, the total market capitalization standing at $8,363,162,441 at 23rd rank. While after a sharp selloff, we can see a bounce back to $135 to $150 in upcoming trading sessions.
Relative Strength Index (OVERSOLD) indicates bearish momentum while trading at 26.62. However, after a sharp selloff, FIL can see some pullback from lower levels, and RSI also reached near the oversold territory.
Moving Average Convergence Divergence (BEARISH) currently indicates a bearish trend on the daily chart as it is trading with the significance of the seller’s line (red) over the buyer’s signal line (green) with no sign of recovery.
Support levels: $90 and $66
Resistance levels: $167 and $200