- FIL coin bears reclaim the 200-day EMA
- The FIL/BTC pair was trading at 0.001108 BTC with a loss of 1.33%
- The 24hr trading volume in FIL coin is $667.5 Million, indicating a 35.19% loss
The FIL coin showcased a decent recovery after a sudden fall in September. The coin price was able to reach the $80 mark, but the intense supply pressure immediately rejected it, displaying an evening star candle in the daily time frame chart. The price is now plunged back to the nearest support of $66.
As per the EMAs, the FIL coin indicated a downtrend in its chart, as the price is trading below the crucial EMA’s 20, 50, 100, and 200. Furthermore, the price has recently dropped below the 200 EMA
The RSI (BEARISH) value is 45, indicating a bearish sentiment in the FIL coin.
The FIL Coin Price Forming A Head And Shoulder Pattern.
The FIL coin displays the formation of a head and shoulder pattern in the 4hr time frame chart. The pattern has its neckline at the $6 mark; if the price manages to provide a decisive breakdown from this crucial support, it will trigger an excellent short opportunity for crypto traders.
However, these traders should wait for the price to sustain below this level as the chart has recently shown a fake-out from this support. The current price of the FIL coin is $67.4, with an intraday gain of 0.11%
The moving average convergence/divergence(MACD) indicators show both the MACD and signal line are moving below the neutral zone(0.00), indicating bearish momentum in this coin.
Conclusion: From the technical perspective, the FIL coin indicates an overall downtrend in its chart. Moreover, the current price action also shows a bearish pattern, where the Crypto traders can expect a decent target around the $55-$50 mark once the price shows a proper breakdown and sustainability below the $66 neckline.
Support– $66
Resistance– $76