Filecoin price analysis reveals FIL cryptocurrency is trading inside a bearish wedge. The price of FIL has been unable to break resistance at $7.00, with the faintest attempts being swiftly rejected. A breakdown of the wedge could take prices down to $5.50 or lower in the near term.
On the upside, strong resistance is eyed at $7.20, and a breakout above this level can be expected to propel the price higher.
Filecoin price analysis reveals FIL is testing the $6.0 level as immediate support. If prices breach this level, the further downside may be seen toward the $5.50-$5.75 region. Filecoin is trading at $6.75, down by 0.35% in the last 24 hours. The trading volume is also down by over 30%, currently sitting at $256,442,969.
Filecoin price analysis on a daily chart: FIL trades in a bearish wedge, with support at $6.00 and resistance at $7.20
Filecoin price analysis reveals FIL is trading inside a wedge pattern after forming lower lows and higher highs. Currently, the price is hovering near the $6.75 level and attempting to break out of the bearish wedge pattern. FIL must close above the $7.20 resistance level for a bullish breakout to occur. On the downside, if prices fail to breach this level and return back into the wedge, there might be a further downside with support at the $6.00 level.
The Fib retracement levels indicate that the 50% level could provide strong resistance to any upside move if prices fail to break out above the current range of $5.5-$7.0; the next retracement level could be the 38.2% level at $4.60 in the event of a breakdown.
The Relative Strength Index indicator is residing below the 50 level and has shown no signs of a possible bullish breakout. A move above 50 could signal the start of an uptrend, but until then, we can expect more sideways trading action. The MACD line, on the other hand, is attempting to cross the signal line, which could be a positive sign for bulls.
The moving averages are trending sideways, with the 50-day SMA providing resistance at $7.00. The 100-day SMA is also heading in a downward trajectory, indicating that bearish sentiment might be dominating the market.
FIL/USD 4-hour price analysis: Dormancy in market momentum
The 4-hour chart shows FIL/USD trading inside a triangle pattern with resistance at $7.00 and support at $6.60. A break below this level could take prices toward the next support of $6.25, while a break above the current resistance could lead to an increase in price up to the next resistance at $7.20.
The RSI indicator is still below 50 and showing no signs of a bullish breakout, while the MACD line has crossed under the signal line, suggesting bearish momentum could be gaining strength in the market.
The Exponential Moving Averages (EMAs) are continuing to trend sideways, signaling that the market could remain range-bound for some time. The key support levels have been established at the $6.00 and $5.75 levels, while the key resistance is seen at $7.20. A break of either of these levels could signal a further move in that direction.
Filecoin price analysis conclusion
Overall, Filecoin price analysis reveals FIL is trading inside a bearish wedge pattern with no signs of a bullish breakout yet. The market’s trend is currently range-bound, and any move above or below the current range could signal a further move in that direction. Currently, FIL is testing the $6.00 support level as immediate support. A breakdown of this level can take prices down to $5.50 in the near term. On the upside, a breakout of the wedge pattern can take prices up to $7.20 or higher in the near term. The 50% Fib retracement level provides strong resistance at $7.00, and a breach of this level is necessary for any sustainable bullish momentum to occur.
Source: https://www.cryptopolitan.com/filecoin-price-analysis-2023-02-27/