- FileCoin price prediction unwinds reveals the strong bearish sentiments for FIL Crypto
- FIL token reported year-to-date gains of 42.67%
- FileCoin price bounced 68% after flush down to all-time low levels
FileCoin’s (FIL) price prediction reveals that the FIL crypto has been trading under a bearish influence since February 2023. The market rallied 223% to the resistance of $9.559 at the start of the year 2023. After the rejection from the resistance, the bears took control and pushed the price by 70% close to the support of $2.797 which is in proximity to its all-time low. Since then, the bulls delivered a recovery of 66.87% to its current market price.
At the time of writing, the current market price of FIL coin is $4.380. The 24-hour trading volume jumped 31.53%. The market is down 2.67% in the last 24 hours. The overall market cap of FIL tokens is $1,910,451,742
Can FileCoin Rebound to the Resistance of $9.5?
Source: FIL/USDT 1D Chart by TradingView
FileCoin’s (FIL) price prediction highlights that the price is trading below the 200 EMA. It represents that the market is in a strong downtrend. The FIL Crypto price declined sharply after the bulls lost support at $4.906, which has now turned into resistance. The market plunged 44% after the breakdown.
The sliding prices made their way down to a very critical support level of $2.8, which was formed when the FIL token made a new all-time low. The price finally got the support of the bulls, which led to a recovery of 66.87%, breaking through the local resistance of $3.811. At present, the FIL token is battling to break the immediate resistance at $4.906.
Will the price Break the resistance to move up?
Source: FIL/USDT by TradingView
The 4-hour chart looks bullish in the short term, as the price made a series of higher highs and higher lows. The price is following an uptrend while taking support from an ascending trendline. Although the price made a decent recovery, strong momentum is still missing in the market, thus increasing the risk of a reversal.
Meanwhile, the market managed to flip the 200 EMA to the upside, establishing a bullish outlook in the short term. The present scenario has dual outcomes. If the price breaks the resistance at $4.906, it may have a higher chance of reaching its next resistance at $6.608. A breach of the trendline can force the market to decline further.
RSI
The RSI indicator is currently at 46.68 This is a condition of a bearish to sideways momentum. The market may decline aggressively if the RSI goes below 30.
MACD
MACD is making a bearish crossover above the 0 line. This indicates that the market may witness a correction but the prices won’t fall aggressively until the indicator goes below the 0 line.
200 EMA
On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support, and the prices may continue to move up until the price breaks below the indicator.
Conclusion
FileCoin’s (FIL) price prediction reveals that the FIL crypto has been trading under a bearish influence since February 2023. The bulls managed a decent recovery establishing a short-term uptrend, but the market is missing out on strong momentum. Since the overall trend is bearish, investors should exercise caution and reconsider buying decisions if there are signs of breakdown. It’s best to wait for the breakout of the resistance. The current market condition can be best dealt with with proper risk management.
Technical Levels
- The nearest support level: $3.811
- The nearest resistance level: $4.906
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
