- Filecoin price must escape the consolidation phase to surge over the daily chart.
- FIL crypto is trading below the 20, 50, 100, and 200-day Daily Moving Average.
- The pair of FIL/BTC is at 0.0003086 BTC with an intraday gain of 1.65%.
On the daily chart, the price of Filecoin is attempting to rise back over the $10.00 level. The token attempted to continue the uptrend momentum but was unable to do so at the $11.45 level. As a result, the uptrend momentum was lost, which resulted in the bearish momentum that persisted until the current level, and the consolidation period began. FIL currency is currently attempting to gain support from buyers as it battles to break free of the range. Bears could, however, halt the FIL cryptocurrency advance and attempt to drag the token back down to its previous level. Bulls in FIL must gather in order for the daily chart to show the token’s recovery phase.
The current estimated price of Filecoin is $6.15, and over the past 24 hours, it has increased by 2.47% of its market capitalization. The intraday trading session saw a 16.35% increase in trade volume. This demonstrates that bears are currently in control of the situation despite bulls’ attempts to accumulate in order to signal the token’s recovery phase. The volume to market cap ratio is 0.1206.
By attracting the greatest number of buyers during the intraday trading session, the FIL coin price is attempting to accelerate its upward trend. To allow FIL currency to soar over the daily chart, the volume change must be elevated over average as it is currently below average. For FIL currency to show signs of recovery on the daily chart, additional buyers are needed.
What do Technical Indicators suggest about FIL?
The technical indicators are about to make a bullish prediction on the price movement of the FIL currency. The price of the FIL coin is in a phase of consolidation, as shown by the Relative Strength Index. At 45, the RSI is edging ever-so-slightly towards neutrality. The sideways motion of the FIL coin is displayed by MACD. After a positive crossover, the MACD line is higher than the signal line. Investors in FIL must watch the daily chart for any directional changes.
Conclusion
On the daily chart, the price of Filecoin is attempting to rise back over the $10.00 level. The token attempted to continue the uptrend momentum but was unable to do so at the $11.45 level. As a result, the uptrend momentum was lost, which resulted in the bearish momentum that persisted until the current level, and the consolidation period began. FIL currency is currently attempting to gain support from buyers as it battles to break free of the range. Bears could, however, halt the FIL cryptocurrency advance and attempt to drag the token back down to its previous level. To allow FIL currency to soar over the daily chart, the volume change must be elevated over average as it is currently below average. The technical indicators are about to make a bullish prediction on the price movement of the FIL currency. After a positive crossover, the MACD line is higher than the signal line. Investors in FIL must watch the daily chart for any directional changes.
Technical Levels
Support Levels: $5.90 and $5.00
Resistance Levels: $6.50 and $6.70
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.
