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•FIL/USD is currently priced at $5.81 and has decreased by 4.15% over the past day
•The technical indicators suggest a bearish outlook for the near term
•The trading volumes have increased by 7.40% over the past day
Short Term View: Filecoin Price falls as bulls get exhausted
The Filecoin price today is $5.81 USD with a 24-hour trading volume of $134,847,033 USD. Filecoin is down 4.15% in the last 24 hours. The trading volumes have increased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.1034 for the altcoin.
Filecoin had a short-term bullish market structure but this changed when it fell beneath the $6 level. Filecoin has been facing tough resistance at its immediate price ceiling. Buyers have also decided to lay low as a reason the coin continues to fall prey to selling pressure. The constant fall in buying pressure could push the coin to break its immediate support level placed at $5.50 and eye its next price floor. The immediate resistance for the coin was seen at $6 and the coin continued to face rejection at the aforementioned point. The Filecoin Price is transacting below the 20,50 SMA on the four hour chart, indicative of the bearish trend at play.
Long Term View for Filecoin Price
The Relative Strength Index (RSI) indicator for Filecoin is hovering around 41.54, which depicts that the altcoin might be in the midst of a lengthy sell-off period before the bulls jump back in. This could also act as a hurdle to rising momentum as it moves towards the oversold territory. The MACD Indicator shows the presence of stagnant green histograms on the daily chart as the MACD and signal lines continue to transact in the negative zone with no leeway provided to the bulls.
Conclusion
Broader market weakness can be attributed to the Filecoin price fall as major market movers have displayed choppy price action. The immediate resistance at this level is fairly strong, and there are likely to bear waiting to push prices back down towards support.
Support: $5.50-$5
Resistance: $6-$6.50
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.