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Filecoin (FIL) resistance near $3.4 allowed sellers to seek short-term gains from short selling in the past few days. After reaching the resistance on October 8th, players who shorted FIL gained over 9% in short selling at $3.1.
Current Data on FIL!
In the previous technical analysis of FIL, the token showed a downward trend after reaching the resistance. The confirmation of the projection after the price’s pullback to the $3.0 level in the buy order block can provide a delay to the buyers.
However, a definite turnaround is not very close at the time of writing. The token’s price reversal fell to the daily buy order block (OB) at $2,950 to $3,127, which represents a high time frame support. Although this situation is promising for the bulls, there was no sign of a turnaround at the time of writing this article.
The fundamental price charts were negative and tended to decline in the short term. Selling pressure intensified as indicated by the movement of the Relative Strength Index (RSI) towards the oversold zone. Additionally, the negative readings in OBV and CMF, respectively, indicated a decrease in spot market demand for FIL and capital inflows.
Price Future of FIL
However, if Bitcoin (BTC) recovers from recent losses, FIL may see a turnaround towards the $3.2 and $3.4 resistance levels. The demand in the derivative segment of FIL in the few hours before the press time stagnated, as indicated by the horizontal movement in Open Interest rates.
Furthermore, the recent volatility in funding rates indicates a possible narrow consolidation before the rise. However, the decreasing Cumulative Volume Delta (CVD) indicated that sellers had the advantage in the market at the time of writing this article. Filecoin (FIL) is under selling pressure against the $3.4 resistance. Although there is a chance of a certain level of retracement, there is no definite sign of an uptrend with technical indicators and low trading volume. The future of FIL depends on Bitcoin’s performance and demand, but uncertainty persists.