- FileCoin Price has been consolidating both on the daily and hourly charts
- The coin broke from a bearish descending triangle
- The Bollinger Bands have been narrowing indicating sideways momentum
FileCoin Price has started consolidating after breaking out of the descending triangle. The coin has formed a support zone at $ 33.50. The coin is now trading in a zone between $ 33.50 and $ 41.20. The coin was in a bearish pattern, descending triangle pattern, from mid-September to the first week of December. The coin broke from the pattern in the first week of December and started consolidating in the zone mentioned earlier. The coin looks to trade in the same zone. Having said that, the coin formed bullish candles during the past two days. The volumes for the coin also have been declining.
FileCoin Price has been consolidating on the hourly charts as well. The coin was in a sideways trend before breaking from the resistance at $ 36. The coin had a good quick rally up to $ 38.5 before consolidating between $ 36 and $ 38.50. The coin looks to be range-bound between these levels for the next few trading sessions. The Bollinger Bands have been indicating a consolidation with the mean level of the bands breaking off from an upward trend. The +2 and -2 Standard Deviation bands have also been narrowing down indicating range bound behavior.
Conclusion: The coin looks to be in a sideways market for the next few trading sessions and traders can keep the coin on their watch lists and wait for the opportunities at the key support and resistance zones to execute trades.
Support: $ 36 and $ 33.50
Resistance: $ 38.50
Disclaimer – The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.