It May Bounce Up at $4.88 Support Level

Bulls may dominate Filecoin market

FILUSD Price Analysis – October 14

When Filecoin successfully break down the support level of $4.86, price may decrease to $4.04 and $3.64 support levels. In case the bearish momentum is weak, bulls may gain momentum and price increase to $6.15, $7.20 and $7.98 resistance levels.

FIL/USD Market

Key Levels:

Resistance levels: $6.15, $7.20, $7.98

Support levels: $4.88, $4.04, $3.64

FIL/USD Medium-term Trend: Bearish

FIL/USD is bearish in the long-term outlook. Filecoin could not continue a bullish trend it commenced last two weeks. The cryptocurrency was under the bullish control. The price increased to $10.63 resistance level with strong bullish pressure. Sellers gained more pressure and push the price down towards $4.88 support level. Former support levels like $7.20 and $6.15 have turned to resistance levels. The coin is trying to penetrate support level of $4.88.

Filecoin is trading below 21-periods EMA and 9-periods EMA which connote that the bears are dominating the Filecoin market. The relative strength index period 14 is at 34 levels pointing down which indicate sell signal. When Filecoin successfully break down the support level of $4.86, price may decrease to $4.04 and $3.64 support levels. In case the bearish momentum is weak, bulls may gain momentum and price increase to $6.15, $7.20 and $7.98 resistance levels.

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FIL/USD Short-term Trend: Bearish

Filecoin is bearish in the short-term outlook. The sellers prevailed over buyers at the resistance level of $7.20. This is what made the price to decrease to the low of $4.88 support level. The bulls are trying to resist further price declination. Price may decrease below $4.86 level.

Filecoin is trading below the 21-period EMA and 9-periods EMA which indicate that the sellers’ pressure is increasing. The relative strength index period 14 is at 40 levels pointing down to indicate sell signal.

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