•FIL/USD is currently priced at $15.03 and has increased by 1.35% over the past day
•The trading volumes have decreased by 58.97% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Selling pressure forms a depression in Filecoin Price
The Filecoin price today is $15.03 USD with a 24-hour trading volume of $421,786,402 USD. Filecoin is up 1.35% in the last 24 hours. The trading volumes have decreased over the past day, with increased selling activity taking place on Monday. The Volume to Market Cap Ratio stands at 0.1421 for the altcoin.
Filecoin, which reached a high of $237.24 on Apr 01, 2021, is now trading around the $15 mark, reminiscing about its glory days. Filecoin is currently transacting below the 20,50 SMA on the four hour chart. Increased selling pressure could trigger a bearish breakout in the asset, leading Filecoin’s price further lower towards the $13.70 support level. On the flip side, a renewed push from the bulls could turn the fortunes around for the asset and push the price towards the resistance placed at $17.
Long Term View for Filecoin Price
Technical indicators for Filecoin have turned bearish as both the MACD & RSI have generated bearish divergence. The RSI is transacting at 34.85 which does not reflect a strong bullish momentum in the market. The RSI is heading towards the oversold zone, while the series of EMA lines are also suggesting a selling trend in Filecoin Price. The MACD indicator shows a rise in bearish powers as it shows the MACD and signal lines transacting in the negative zone with the gap widening between the two. The histograms are red as well.
Conclusion
The technical indicators for the asset imply that the Filecoin price downtrend is strong. In that case, the price downside is likely to continue in the days ahead, in spite of the marginal gains in Filecoin Price observed today.
Support: $13.70
Resistance: $17
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.
