- Filecoin is trading below a downsloping trendline on the hourly time frame.
- Buyers have lost over 18% of their value to FIL crypto in the last 24 hours.
- Amidst a slight decline, the speculators saw a rise of 27% as compared to last night.
Over the last few days, Filecoin has seen a credible bullish rally. FIL price has been in the no-trading zone for nearly three weeks, following the process of consolidation of the pennant pattern.
FIL crypto has dropped precipitously since August 17th, following rapid price refusal from buyers. On a weekly basis, the price candle aims to draw a strong bearish candle. As a result, the asset has fallen 19% this week. Nevertheless, for this consolidation to end, a daily candlestick close above the trendline is required.
After recording the August high, the FIL coin often moves down on the 4-hour price scale. Bears have an important selling area near the overhead trendline (white). Besides, buyers need to manage costs above the immediate support of $6.0 to protect themselves from the further bullish selloff.
As of press time, against USDT, the FIL token is trading at the $6.7 mark. Buyers are facing a downtrend, therefore, Filecoin’s market cap has fallen 18% to $1.7 billion, according to data from CMC over the past 24 hours. The FIL/BTC pair is down 12.4% at 0.0003055 Satoshis. Furthermore, amidst a minor drop, speculators saw a rise of 27% over the previous night.
FIL Coin Not Far From 60-Day Low
Due to the low-low formation on the daily price scale, the bears are aiming to dump the asset price below all major DMAs such as 20, 50, and 100. Besides, the RSI indicator is about to move into oversold territory.
Conclusion
Filecoin price is progressing to reach the 6.0-immediate support level. Although the sentiment of the crypto market seems weak; Hence if the bulls fail to sustain the price above the 50-DMA, there is a possibility of a re-visit to the 2022-bottom.
Support level- $6.0 and $5.0
Resistance level- $10 and $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.