Filecoin Price Analysis: Will FIL Crypto be able to Reverse the Trend to Avoid Falling?

• Filecoin price has been falling inside the consolidation pbase over the daily price chart.
• FIL crypto has slipped below 20, 50, 100 and 200-days Daily Moving Average.
• The pair of FIL/BTC is at 0.0002921 BTC with an intraday gain of 0.81%.

The price of Filecoin is aiming to cross back over the $5.00 mark on the daily chart. At the $6.11 mark, the token tried to maintain the momentum of the upswing but failed. The bearish momentum remained up until the current level as a result of the loss of the upward momentum, and the consolidation phase started. The FIL currency is currently battling to break free of the range and is making an effort to attract buyers. However, bears could halt the FIL cryptocurrency’s upward movement and try to push the token back down to its prior price. In order for the daily chart to display the token’s recovery stage, bulls must assemble in FIL.

The estimated price of Filecoin is currently $5.64, and in the last day, it has lost 1.91% of its market value. The volume of trades increased by 1.12% during intraday trading. This shows that despite bulls’ attempts to accumulate to herald the token’s recovery phase, bears are now in charge of the situation. Volume to market cap ratio is 0.1206.

Source: FIL/USD by TradingView

The FIL coin price is seeking to quicken its rising trajectory by drawing the most purchasers during the intraday trading session. The volume change needs to be boosted above average as it is now below average in order to allow FIL currency to fly over the daily chart. Additional buyers are required for the FIL currency to start showing signs of recovery on the daily chart.

What do Technical Indicators suggest about FIL?

Source: FIL/USD by TradingView

The technical indicators are about to forecast that the price of the FIL currency will decline. The Relative Strength Index indicates that the price of the FIL coin is consolidating. The RSI is marginally moving towards neutrality at 45. MACD shows the sideways motion of the FIL coin. The MACD line rises above the signal line following a positive crossover. FIL investors need to keep an eye on the daily chart for any changes in trend.

Conclusion

The price of Filecoin is aiming to cross back over the $5.00 mark on the daily chart. At the $6.11 mark, the token tried to maintain the momentum of the upswing but failed. The bearish momentum remained up until the current level as a result of the loss of the upward momentum, and the consolidation phase started. The FIL currency is currently battling to break free of the range and is making an effort to attract buyers. Additional buyers are required for the FIL currency to start showing signs of recovery on the daily chart. The technical indicators are about to forecast that the price of the FIL currency will decline. The MACD line rises above the signal line following a positive crossover. FIL investors need to keep an eye on the daily chart for any changes in trend.

Technical Levels

Support Levels: $5.50 and $5.00

Resistance Levels: $6.10 and $6.70

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.     

Source