- Filecoin is now losing the momentum from the last few trading sessions.
- Bulls are slipping the gains on the daily charts.
Filecoin is now looking bearish on the long-term charts, and bears are beginning to dominate over the bulls. Meanwhile, bulls are trying to settle the trend and looking for a pullback.
FIL coin might get some boost as bulls enter the trade. Buyers’ weakness might be over, and a change in the momentum can happen if the price again fetches the 20-day EMA.
The existing downtrend might lead the price to reach the primary support of $4.000, and if the price is unable to hold, then FIL will go towards the strong secondary support of $3.800. If the buyers succeed in attaining grip, then the price may surge to the immediate resistance of $4.800, and if the uptrend begins, then the following mark of $5.000 is the strong supply mark.
When writing, FIL is trading at $4.40 with an intraday drop of 1.45%, showing the coin’s bearishness. However, the trading volume also shows a surge of 4.50% gaining sellers attention towards the FIL crypto.
On the daily charts, Filecoin shows a falling wedge pattern but cannot break the higher top near $4.50 and continues to face selling pressure. The bears dominated and continued to show their strong muscles resulting in the downward-sloping action in price.
Furthermore, Filecoin is trading below the significant moving averages and needs more momentum. Moreover, the decline in volume shows sellers are active now and willing to lay the coin towards the bottom of $4.000 to retest the demand zone.
Short Term Chart Shows Selling Pressure
On the 4-hour charts, Filecoin is wearing the mask of selling and continues to tank from the past few sessions. However, buyers try to move out of this track and gain some pace but need help.
The Relative Strength Index (RSI) is dropping below the neutral mark and sliding toward the oversold region. Moreover, the negative crossover was also noted in the last session showing that bears are attaining authority and breaking the momentum of bulls.
The traditional indicator MACD also favors the bears and shows a bearish crossover on charts. The moving averages converge, and a crossover will likely be framed in the subsequent sessions.
Conclusion:
The overall trend is bearish while the bulls try to enter the trade. Filecoin is trading below the 20-day EMA, which is the prime concern for bulls. FIL investors are now in a conservative state, whereas bulls are attempting to hold the gains.
Technical Levels
Support Levels: $4.000 & $3.700
Resistance Levels: $4.800 & $5.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.