Filecoin is a decentralized storage protocol token. It gives power to the Filecoin network. It is a peer-to-peer network storing files providing economic incentives. The FIL coin is often designed to make file storage more secure and reliable. The coin is a part of Protocol Labs. It is also a creator of IPFS and libp2p, integral components of the Filecoin protocol.
The derivative trading volume of the crypto has declined by 8.15% in the last 24 hours and the Open Interest has improved by 3.08%. The current open interest of the filecoin is $76.82M. The current short liquidation of the coin is higher than the long liquidation in the last 24 hours. The current short liquidation for the coin stands at $30.00K.
The price of the coin has advanced by 2.09% in the last 24 hours. The coin was listed at a price of $1.00 and the Filecoin team had collected a funding of more than $200 Million. It is currently outperforming its peers as the price has advanced by more than 3.0% and the global cryptocurrency market is trading up by only 2.20%. The community is also bullish on the coin as more than 95% of users are recommending a buy.
Filecoin’s market cap has increased by 2.19% in the last 24 hours, but the volume has declined by 35.75%. It is not a good sign for the coin as the traders would be losing interest in the coin. The coin has a circulating supply of 451.643M FIL tokens and the coin follows a fully diluted market cap of $6.518M.
Filecoin Token Price Technical Analysis
The coin price has been consistently declining to lower levels, following a downtrend with a declining channel pattern. The coin price is currently on the verge of breaking out above the channel pattern. It is making a bullish candlestick pattern.
The FIL coin is trading in a downtrend, following a bearish cross of EMAs. The RSI has not gained any strength yet. It indicates bearishness on the charts as of now.
Conclusion
As the coin’s price is consistently declining, the coin is following a negative trend leading the prices to lower levels. The EMAs and the RSI are trading with a bearish signal. There is also no significant activity in the coin’s community.
Therefore, the FIL token’s price may continue to decline to lower levels unless it breaks above the level of $5.030.
Technical Levels
- Support levels for the Filecoin Coin are: $2.400 and $3.30
- Resistance levels for the Filecoin Coin are: $5.00 and $6.300
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/29/filecoin-trend-change-may-require-a-break-above-channel-pattern/