Filecoin Price Analysis: Holdings look to recovery after marking lowest price in a year

• Filecoin seems to be in the sell-on rise territory and has been trading into the falling wedge pattern since October.
• Bears triggered the 52-weeks lowest verge at $16.89, and bulls are preserving themselves from the bloodbath to hold the FIL price above recent support.
• FIL/BTC pair seems neutral at 0.0005508 satoshis as well as FIL with ETC pair slightly negative by 0.07%.

Looking at Filecoin’s history, last year, during a bull run, the price marked an all-time high at $237.24, but so far, the bears have converted each rise into a sell that reflects a falling wedge pattern. However, the FIL coin is trading slightly bullish by 1.13% at $21.19 after forming a 52-week low at $16.89. Still, buyers expect an upward move. In the context of the weekly price chart, the coin price is reflecting a long-legged Doji candle, and investors can take advantage of this bullish signal.

File coin lost 30% of trading volume over the past 24-hours. The volume oscillator has been in a downtrend since 22 JAN, and for sure, the asset is solid bearish as long as bulls break out of the falling channel. Although, several days before, FIL coin’s price took support on the downward channel’s lower verge. The bulls attempting to sustain coin price above the 20-day moving average and furthermore 50 and 200 MAs could be the upcoming bullish hurdle.

Trying to catch short-sellers, bulls hope to trap them

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FIL/BTC pair seems more bullish compared to the USDT pair. At the time of writing, FIL/BTC pair is slightly bullish by 0.44% at 0.0005508 satoshis. After the sharp sell-off, the  price action indicates the rising wedge formation in terms of the 4-hours price chart. However, 0.000436 satoshis is the immediate support and 0.00070 could be the bullish hurdle. Furthermore, the pair is trying to sustain above the 50-day moving average.

FIL/BTC pair seems more bullish compared to USDT pair, at the time writing, FIL/BTC pair is slightly bullish by 0.44% at 0.0005508 satoshis. After the sharp sell-off, the Pair price action indicates the rising wedge formation in terms of the 4-hours price chart. 0.000436 satoshis has the immediate support same as 0.00070 could be the bullish hurdle for bulls. Furthermore, the pair is trying to sustain above the 50-day moving average.

Conclusion 

The daily candle needs to close above the 20-day moving average as soon as possible, and if the buyers fail to step up soon, then the bears may take control of the market.

Support level – $17 and $15

Resistance level – $30 and $40

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.