FIL Price Took a Uturn; What Next?

Filecoin price halted near the value of $8.089 and headed downward toward the level of $5.054. The 50 EMA gives support to the price, but if the price breaks the current support, the control of the price will be in the Bear’s grasp.

Filecoin crypto price has been on a downtrend for the past week, as it faced resistance from the higher levels and took support on the 50 EMA. It shows that the bears have been in control and the price has lost its momentum. The crypto has also broken below the key moving averages, which indicates further weakness in recent times.

FIL Crypto has created a negative outlook and vanished the gains it made in the previous month. Filecoin (USD: FIL) crypto has returned to its previous breakout level, which acting as a support support. The price action suggests that the crypto is oversold and could bounce back from the lower levels. However, the crypto needs to show some indications of strength and reversal before confirming a pullback rally.

Filecoin crypto (USD: FIL) price is in a correction phase but trading near to crucial supports. If formed, a bullish candle signals buyers are active and will try their best to rebound. 

FIL crypto currently trading at the level of $5.507 with an intraday rise of 0.31%. If the buyers succeed in defending the current support, the possibility of a bounce back will increase. However, if the sell-off continues and Filecoin crypto drops below lower levels, more downfall is possible.

Buyers tried multiple times to break the higher range and expand upward. However, due to the strong presence of sellers, prices faced rejection. It shows sellers are still active on higher levels. 

File Coin Analysis: Bounce Back Or Crash Down

Filecoin price is trading below the downward direction taking support on 50-day and 200-day EMAs, showcasing weakness. However, the Filecoin might bounce back from the current EMAs. 

The MACD generated a negative crossover and the histogram is also red indicating bearishness. The RSI denotes weakness and is near the oversold territory.

The current value of RSI is 45.65 points. The 14 SMA is above the median line at 58.68 points, which indicates that the Filecoin crypto is bearish.

Weekly-Time Horizon Analysis of Filecoin

Filecoin crypto has shown sellers’ strength on the weekly charts. The price is trading below the key moving averages. If the price wants to bounce back, it has to surge over the key moving averages and show some strength.

Summary

Filecoin (USD: FIL) technical oscillators also support the bearish trend. The MACD, RSI, and EMA highlight negative signs and imply that the downtrend may continue in the FIL crypto price. The Price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.

Technical Levels

Support Levels: The Filecoin crypto price may find support at $8.089 and $6.518, where it could bounce back or stabilize.

Resistance levels: The FIL crypto price may face resistance at  $5.449 and $4.669, where it could reverse or consolidate.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.