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FIL cryptocurrency investors are going through quite a difficult time. As much as this cryptocurrency pleasantly surprised market participants in March and April 2021, it disappointed at the end of 2021. If we compare the movement of BTC and FIL prices, we can see that BTC prices are still very far from the test of the lows of May 2021. However, the FIL price has successfully managed to update its May low and came to the main liquidity range of $32-$36. It was from this range that a powerful growth wave began in March. After buyers proved they could keep the $32-$36 range, the entire crypto market saw a 500% growth of the FIL price.
https://www.tradingview.com/x/yeQXW05Z/
Another difference between the movement of the Bitcoin price and FIL is the trading volumes. If Bitcoin falls on low volumes, FIL is simply merged. Such high trading volumes on the weekly timeframe, which were recorded from 6 September, were not on the FIL market. And all this is happening during the fall of the market. On the one hand, this is scary, because it seems that cryptocurrency is being aggressively merged. Though, this cuts off the possibility of an unpleasant surprise in the form of accelerating the downward trend in the FIL market. The $32-$36 range is likely to be the foundation for building a new growth wave. The main question is how strong will the rebound be? The main problem for buyers is in the range of $55. While this mark is under the control of sellers in the FIL market, there may be a protracted consolidation in the range of $32-$55.
FIL Technical Analysis in the Daily Timeframe
https://www.tradingview.com/x/RJIEmuLO/
After losing control of the $55 mark, buyers stopped taking any initiative. The last fight of buyers was noticeable on 4 December during a powerful falling daily candle. Increased trading volumes were recorded on this day. The daily candle was half closed with a pin down. But, in the next two trading weeks, sellers at low volumes steadily push the price lower. Today, the price was trying to break out of the consolidation wedge. However, so far buyers have retained control of the situation. To change the situation on the FIL market, it is enough for buyers to take control of the $41 mark. Thus, at the moment, the chances of the FIL price falling below and the $32 test are higher.
The FILBTC Price Stopped at a Critical Point
https://www.tradingview.com/x/olpTDkUM/
The last correction of the FILBTC fall wave price took place in August 2021. Since then, in the weekly timeframe, the price has fallen steadily and reached a critical point - the global trend line. Buyers couldn't even keep the base in the 0.001 range. It was this mark that restrained the growth of the FILBTC price for 2 years. Therefore, the first target after the rebound of the FILBTC price will be the mark 0.001. While this mark is under the power of the FIL market, sellers are threatened by prolonged consolidation in the range of 0.0007-0.001.