FIL Declines Further to $4.0 Level

Bears are dominating Filecoin market

FILUSD Price Analysis – November 10

Filecoin may decrease to $3.6 and $2.8 support levels in case bears technically break down the support level of $4.0. When the bearish momentum becomes weak, bulls may gain momentum and the price will increase to $4.8, $5.7, and $6.1 resistance levels.

FIL/USD Market

Key Levels:

Resistance levels: $4.8, $5.7, $6.1

Support levels: $4.0, $3.6, $2.8

FIL/USD Medium-term Trend: Bearish

FIL/USD is bearish in the long-term outlook. Last week, the coin experienced a brief bullish reversal when the price reached the support level of $4.0. Bulls gained momentum to push up the price to the $6.1 resistance level. Bears reacted against the movement with the formation of an evening Doji candle pattern. This is what activated strong bearish movement with the formation of big bearish candles to $4.1 support levels.

Sellers are dominating the Filecoin market as it is trading below 21-periods EMA and 9-periods EMA. The relative strength index period 14 is at 36 levels pointing down which indicates a sell signal. Price may decrease to $3.6 and $2.8 support levels in case bears technically break down the support level of $4.0. When the bearish momentum becomes weak, bulls may gain momentum and the price will increase to $4.8, $5.7, and $6.1 resistance levels.

FIL/USD Short-term Trend: Bearish

Filecoin is bearish in the short-term outlook. The sellers opposed the buyers again at the resistance level of $6.1 when the price was increasing under the control of the buyers. This is what made the price decrease to the low of $4.8 support level. More pressure from the sellers which is indicated with the formation of more bearish candles sends the price down to the $4.0 level.

Filecoin is trading below the 21-period EMA and 9-periods EMA which indicates that the sellers’ pressure is increasing. The relative strength index period 14 is at 30 levels pointing up to indicate a buy signal.

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