- Filecoin Price is trading in a descending triangle pattern over the daily chart.
- The crypto asset is trading below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of FIL/BTC is at 0.0004806 BTC with an intraday gain of 2.04%.
Filecoin Price got trapped inside a descending triangle pattern over the daily chart. FIL Coin falters at the verge of descending triangle pattern and tries to sustain. FIL investors need to wait further for FIL to signal any momentum as sustainability issues arise here for FIL coin. The token is waiting for bulls to take charge from here for the successful bullish rally. Filecoin has been falling from 18th September 2021 and went into a descending triangle pattern over the daily chart. This long term view signifies the immense effect of a bearish trap over the token. Filecoin stands at the crucial make-or-break situation.
Filecoin price is presently CMP at $19.02 and has lost 0.75% of its market capitalization in the last 24-hour period. Trading volume has decreased by 21.20% in the intraday trading session. This signifies the current scenario of FIL coin, as bears are still trying to tighten their grip over FIL coin. Volume to market cap ratio is 0.09348.
Filecoin price has been falling through a descending triangle pattern over the daily chart. FIL investors need to wait for any directional change over the chart. Volume change can be seen falling below average and falters to grow for FIL to escape.
This current level could be a great entry point for FIL investors and from current level FIL may hike with a strong uptrend momentum over the daily chart. From now on FIL may witness extreme buying and can approach higher levels making higher-highs. Else, for an instance FIL may witness a breakdown if bulls failed to sustain at the verge of descending triangle.
Bullseye on Higher level
Target level for bulls resides at $87, if bulls manage to register a successful breakout then FIL may target for $87 respectable resistance level for a great recovery phase. Now the target level for the second case, if FIL experiences a breakdown and falls from the current level then FIL may lose 417% of its market cap in the long run.
Technical Indicators suggest no signal at the moment for FIL coin. Relative strength Index forecast neutrality for FIL coin. However, the declining line over the indicator shows that RSI haven’t signalled any strong directional change for Filecoin yet.
MACD exhibits sideways momentum of FIL in a descending triangle pattern. The MACD line is below the signal line and approaching towards it for a positive crossover.
Conclusion
FIL Coin falters at the verge of descending triangle pattern and tries to sustain. FIL investors need to wait for any directional change over the chart. FIL may target a $87 respectable resistance level for a great recovery phase. Technical Indicators suggest no signal at the moment for FIL coin.
Technical Levels
Support Levels: $17.60 and $15.00
Resistance Levels: $20.00 and $87
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
