- The price is facing an overall downtrend over the daily chart. The technical indicators suggest the market can witness a green move.
- The crypto asset is moving above the 20, 50, 100 and 200 daily moving average over the hourly chart.
- The FIL/BTC pair is at 0.0002789 BTC with a gain of 1.88% in it.
Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” Decentralized storage systems like Filecoin allow people to be their own custodians of their data, as well as make the web more accessible to people worldwide.
The FIL coin is facing an overall downtrend movement over the daily chart. Today the bulls have started working on the coin and pumping the price up, they need to be consistent to make a successful recovery. As the bears are dominating the market they made the price fall 25% in a fortnight. Though the bulls are not the spectators they are trying to make a recovery but the efforts are not enough to make a successful trend reversal. The FIL price is moving above the exponential moving average.
The price for one FIL coin is currently trading at $5.72 with a gain of 3.53% in its market capitalization in the last 24 hrs. The coin has a trading volume of 183 million which is at a loss of 39.5% in the 24 hrs trading session and a market cap of 1.2 billion. The volume market cap ratio for FIL is 0.1422.
Short-term Analysis
While analyzing the graph for a short term (4 hrs) we can closely observe the fight between bulls and bears to take over the market. The coin needs to accumulate the bulls to rescue the coin, so the coin can sustain in the crypto market.
While observing the technical indicators like MACD we can conclude that there is a neck to neck fight between the bulls and bears to manipulate the price as we can observe some frequent crosses in between the MACD and signal line.
Whereas the stochastic relative strength index is in favor of a bullish movement as the coin was oversold and now we can see the line taking an upward move.
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Conclusion
The FIL coin is facing an overall downtrend movement over the daily chart. Though the bulls are not the spectators they are trying to make a recovery but the efforts are not enough to make a successful trend reversal. The coin needs to accumulate the bulls to rescue the coin. The FIL coin can witness a positive crossover of the 20, 50 EMA anytime which indicates a bullish movement further.
Technical levels
Resistance levels:
Support levels:
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.
Source: https://www.thecoinrepublic.com/2022/06/24/filecoin-price-analysis-price-slumped-25-in-a-fortnight-hoping-for-an-uptrend/