FILECOIN Price Analysis: FIL Price Plunged Following the Leader, BTC

• The price of the FIL currency was in a solid uptrend before the bears took control of the daily price chart.
• The crypto asset slumped below the 20, 50, 100 and 200 day moving average.
• The FIL/BTC pair is at 0.0002432 BTC with a loss of 3.69% in it.

The FIL coin price was moving at a strong uptrend until the bears dominated it over the daily price chart. Now the coin is suffering the domination of the traditional cryptocurrency, Bitcoin. As BTC being the major dominator in the market its price slipped below the $23,000 after hitting a resistance of $24.3K which made the other altcoins to rally bearishly.

The trading volume is moving below the average and is currently at a decline of 8% which is increasing continuously. This shows the sellers are actively participating in the current market situation and this will make the selling volume cross the average. The bulls need to come over as prices are plunging and investors are facing huge losses. The investors need to wait for a trend reversal before meaning any move.

The current price for one FIL coin is hovering at $5.55 with a considerable loss of 6.98% in its market capitalization in the last 24 hrs. The coin has a trading volume of 249 million which is currently facing a loss of 9.50 % in the 24 hrs trading session and a market cap of 1.3 billion. The volume market cap ratio is 0.1898.

Source: FIL/USD by tradingview

Will the Coin Persist in this Bearish Behavior?

While looking at the daily chart it looks in favor of the bears, but on the other hand the hourly shows the chances of return of bullish dominance.

The MACD indicator shows the shrinking of the red histograms has begun which means the buyers are also participating, still the seller’s signal line is moving above the buyers line but as this participation increases the coin can have a trend reversal. The relative strength index is supporting the above statement and showing the increase in buyings. If the situation continued and the coin successfully manages to attract buyers the coin can have a reversal.

ALSO READ – Blockchain.com Laid Off 25% of Its Staff

Source: FIL/USD by tradingview

Conclusion

The FIL coin price was moving at a strong uptrend until the bears dominated it over the daily price chart and now the coin is suffering the domination of the traditional cryptocurrency, Bitcoin. The bulls need to come over as prices are plunging and investors are facing huge losses. On the other hand the hourly shows the chances of return of bullish dominance. The technical indicators appear to be in favor of a bullish movement over the hourly price chart.

Technical levels

Resistance levels: $6.25 and $7.3

Support levels: $5.18 and $4.80

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.

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