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- 1 FIL price takes a rejection from the 200-day EMA.
- 2 FIL’s price is currently trading at $3.65 while seeing a change of 31.45% in 24-hour trading volume.
The FIL price is presently observing a severe decline in its value after breaking the bull trend in early May. In the previous analysis, it was estimated that despite the overall bull trend the price of FIL token can see a bearish depreciation.
The analysis was given because the oscillators were giving an indication of a bearish reversal. According to historical price action, FIL price has been giving constant respect to its Stochastic RSI. The price has also been taking resistance from the 200 EMA which has been acting as a significant barrier for the FIL price.
The current value of the FIL token is $3.65 and it has an overall Market cap of $1.59 Billion.
Investors Showing Bullish Optimism
According to LunarCrush, investor sentiments are taking a positive turn regarding the FIL price. The total bullish sentiment parameter has surged by 36.5%, whereas there is a negative increase in the 24-hour trading volume of 31%, indicating that there is a decline in the trading activity among investors
Technical Analysis On Daily Chart
The RSI line is currently moving above the median line and the 14 SMA. As of now, the RSI line is taking a positive reversal from the oversold level. The bullish curve of the oscillator implies that the RSI line may continue to make a positive reversal intercepting the median line. The value of the RSI line at present is 36.88 points, while the 14 SMA is trading near the oversold level providing support to it at 34.41 points.
The stochastic RSI is trading at the overbought level of 98.85 points. The present situation is suggesting a positive outlook because the stochastic RSI is about to intercept the median line. The %K after making a bullish crossover over the median line with the %D line right behind it. The present situation suggests that the %K line can make a bearish interception below the %D line.
Conclusion
As per the analysis, after observing a severe decline in its value the price of FIL token is attempting to make a bullish recovery. Investors are turning positive regarding FIL price though making the recovery may prove to be challenging for the overall investors as the price is trading below key EMA levels.
Technical levels –
Support – $5.800
Resistance – $ 7.000 and $8.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.