Filecoin price Hard-Stuck Below $3 Mark, No Positive Sign Yet

• Filecoin price trapped investors when the price fell below the $100 mark.
• Unless the buyers take the price of FIL above the 20 DMA, the uptrend cannot take off.
• Trading volume fell 35% to $56.12 million overnight.

Overall crypto market capitalization is down 0.27% today. This slightly negative factor is keeping pressure on the crypto market. Filecoin has been performing poorly since its 52-week top, where sellers sold the crypto at each previous swing high.

In terms of the weekly price chart, there are no positive signs from the price action side as Filecoin price trading has declined below its two-year low. This week too, the bears drew a third bearish candle with a fall of 2.7%.

At press time, Filecoin price is consolidating in a tight range with an intraday candle representing 0.13% at $2.96 price. Buyers stuck in extreme sideways territory below the $3.0 mark. Likewise, market capitalization is still standing higher than $1 billion. If FIL crypto moves below its weekly swing low of $2.419, definitely buyers will suffer from massive losses. 

As of now, short sellers keep Filecoin price below the $3.0 mark, which acts as an immediate bullish hurdle. Above this level, the $5.0 could be the struggling point for sellers. However, the 20 simple moving average stood to be a red zone of volatility. Talking about the trading volume, observed low this week, in fact, it fell 35% in the last 24 hours, reported at $56.12 Million.

On the daily price chart, the RSI indicator is floating in the oversold zone, indicating that there is no upside trend for Filecoin price. Despite the low volatility, the ADX indicator is continuously extending higher with the current presentation at the point. Furthermore, the MACD also remains in the negative zone but the histogram is slowly rising.

Conclusion

Interestingly, the ADX shows strong trend signals when Filecoin price is trading highly sideways. In fact, the trading volume also decreased this week, demonstrating buyers lost interest in FIL Crypto. If the price of the asset breaks below the swing low, the bears can drag the asset further down.

Support level – $2.40 and $2.0

Resistance level – $4.0 and $6.5

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)