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FIL price was not able to sustain above the 200 EMA after crossing above it - 2
FIL price might continue the bear trend in the upcoming days
FIL price is trading under a bear trend while trading near its support zone. FIL price has been trading under a bear trend for quite a while but recently after taking support from $3.00 FIL made an extremely bullish rally of 70 percent and after taking resistance from $5.00 FIL price made a short correction of 12 percent although it did cross above it with a bullish movement a while after consolidating for a few days around the range $4.900 to $5.812 it broke that consolidation with an extremely bullish candle also breaking above the 200 EMA and gaining 76% within a few days.
The FIL price is trading on a strong bear trend on ( Daily Timeframe)
According to the site Alternative.me the current value of the greed and fear index is trading around 33 points on the fear side seeing a decline of 16 percent since the last week when the index was trading around the neutral levels of around 50 points. The overall market sentiments have taken a bearish turn where the market sentiments are bowing towards the seller’s side. According to the Coinglass site sellers are overwhelming the market by 50 – 55 percent.
Technical Analysis ( Daily Timeframe)
The FIL price is currently trading below the 200 EMA after failing to sustain above it.
The RSI line is currently trading in the oversold zone in a downtrend. The RSI line is currently trading around 35.03 points while taking resistance from the 14 SMA line which is trading around 45.95 points near the median line. The RSI curve is suggesting that it might attempt to break above the 14 SMA.
Conclusion
Although after taking rejection from the $9.00 FIL lost 30 percent of its value falling below the price of $6.600 after falling near the 200 EMA it tried to sustain above those levels by making an engulfing candle which is a bullish candle and often found before a bull trend. However, it proved to be a bear trap as after failing to sustain above those levels FIL made a three black crow pattern and broke below the 200 EMA with strong momentum. Although it did try to make a retest, sellers overpowered the market and made a 21% bear run.
Technical levels –
Support – $3.984
Resistance – $ 5.812 and $6.493
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/03/12/fil-price-analysis-fil-price-took-rejection-from-the-200-ema/