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FIL Price Analysis: Filecoin Trying to Hold Strong Support Zone

FIL Price
  • Filecoin trading sideways with a downtrend and seems to form a base around $42 to $54
  • The coin is trading below the vital moving average of 200, 100, 50, and 200-Day moving average with average volume action. 
  • The pair of FIL/BTC is trading flat with an intraday loss of -4.61%, standing at 0.001653 BTC, and FIL/ETH is CMP at 0.02834 ETH dropped by -3.30%

Filecoin, at the monthly chart, is trading near the support zone after a sharp continuation falls from its all-time high (ATH) levels of $238. Whereas the coin is trading below all vital moving averages of 50, 100, and 200-Day moving averages, and 20-SMA is acting minor resistance. Similarly, the coin is trying to move towards the essential moving average of 200-DMA, and if it sustains above 200-DMA will give a good recovery in the short term. 

The volume over the monthly chart is recording lower, which falls below the average line and needs to improve sharply. Support on the lower side is at $42 and $51, whereas $82 and $98 will be acting as resistance levels. 

Filecoin over the weekly chart is consolidating after a sharp recovery from lower levels with no sign of any significant momentum. Similarly, the technical parameters are also indicating the sideways or flat momentum in the short term. Presently the coin is trading at $57.39, with an intraday loss of +1.24% at the time of press. Whereas, volume to market cap ratio stands at 0.1894 with a 24-hours volume of $798,626,013. FIL is standing at 24th rank with a total market capitalization of $4,656,775,230, down by -1.24%, according to coinmarketcap.com. 

Relative Strength Index (NEUTRAL): Filecoin token’s RSI is presently projecting sideways momentum over the weekly chart with no sign of any acceleration. 

Moving Average Convergence Divergence (BULLISH) currently indicates a positive trend on the daily chart. The buyer’s signal line (green) is overpowering the seller’s line (red). 

Support levels: $42 and $51

Resistance levels: $82 and $98