- FIL coin chart shows a death crossover of the 50-and-200-day EMA
- The FIL/BTC pair was trading at 0.00228 BTC with a gain of 0.43%
- The 24-hour trading volume in FIL coin is $220.5 Million, indicating a 66.8% loss
As mentioned in my previous article on Filecoin, the FIL coin showed a head and shoulder pattern in the 4-hour time frame chart. The coin price managed to breach the $67 neckline and provided an excellent short trade to the $51 mark.
Furthermore, the technical chart also indicates a slight possibility of forming a descending triangle pattern as the $67 mark stands as a strong resistance that could again plunge to price back to the bottom support level.
As per the EMAs, the FIL coin indicates a downtrend in its chart, where its price is trading below the crucial EMA’s 20, 50, 100, and 200. Moreover, the chart also shows a death crossover of the 50 and 200 EMA, attractive even more sellers in the market
The RSI (BEARISH) value is 45, indicating a bearish sentiment in the FIL coin.
The FIL Coin In the 4-hour Time Frame Chart
The FIL coin price is currently charging towards the $67 resistance in order to retest this level for proper resistance. The FIL traders can plot the traditional pivot levels in their chart as they show remarkable confluence with the significant levels of the technical chart.
According to these pivots, the nearest horizontal resistance for FIl price is $66, followed by the $80 mark. If the price starts moving lower, the next significant support would be $51 support fails, followed by the $37.
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, and the Crypto traders can expect a decent target around the $41 mark once the price shows a proper breakdown and sustainability below the $51 neckline.
Support– $67
Resistance– $51