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Filecoin price analysis: FIL prices slip below $10 as selling pressure mounts

Filecoin price analysis
TL;DR Breakdown
  • Filecoin price analysis shows a downtrend
  • FIL prices are currently trading at $8.0
  • Filecoin prices have set key support at $7.5

Filecoin price analysis shows that the FIL/USD pair is currently in a downtrend. The prices have slipped below the $10 mark and are trading at $8.0. There is a key support level set at $7.5, and if the prices break below this level, it could trigger a sell-off.

The Filecoin price has been on a downtrend over the past few days. The prices had reached a high of $12.5 on February 16th but have been declining since then. The prices slipped below the $10 mark today and are currently trading at $8.0.

There is a key support level set at $7.5, and if the prices break below this level, it could trigger a sell-off. The RSI indicator is currently at 42 and is showing no signs of a reversal.

Filecoin price analysis shows that the FIL/USD pair is currently in a downtrend. The prices have slipped below the $10 mark and are trading at $8.0. There is a key support level set at $7.5, and if the prices break below this level, it could trigger a sell-off.

Filecoin price analysis on a 1-day price chart: Bears take control as prices break below $10

The price plunge in Filecoin has been rather forceful over the last several hours, with prices falling below crucial support at $10. The bearish trend resulted in FIL prices declining to $7.71, which has been defended multiple times during the previous few weeks. According to filecoin price analysis, the market is now getting volatility as buyers and sellers are both trying to defend their respective positions.

The Filecoin price is currently trading at $8.0 after a brief period of consolidation around the $10 mark. The prices have been on a downtrend for the past few days and have broken below the key support level at $7.5. There is a possibility that the prices could further decline and break below the $7.5 mark.

The RSI indicator is currently at 42 and is showing no signs of a reversal. The MACD indicator is also in the bearish zone, which indicates that the selling pressure is likely to continue in the market.

image 376FIL/USD 1-day price chart, source: TradingView

The SMA lines on the 1-day price chart also indicate that the market is in a bearish trend. The prices are currently trading well below the 20-day and 50-day simple moving averages.

FIL/USD 4-hour price analysis: Prices head lower as the selling pressure continues

The 4-hour chart for Filecoin price analysis shows that the prices have been on a downtrend ever since they reached a high of $12.5. The prices have been declining at a gradual pace and have broken below the key support levels at $10.

image 375

FIL/USD 4-hour price chart, source: TradingView

The 50-day EMA lines are currently in a bearish crossover, with the 200-day EMA line below the 50-day EMA line. The short-term trend is down while the long-term trend is still up. After finding some support at the 0.786 Fibonacci level, prices are presently testing the 0.ibonacci extension level.

The RSI indicator is currently in the oversold region, which indicates that the selling pressure is likely to continue in the market. The MACD indicator is also in the bearish zone and is showing no signs of a reversal.

Filecoin price analysis conclusion

The analysis of the Filecoin price for today indicates that the market is in a bearish trend, with prices falling below the $10 mark. Before making any moves to the upside, downtrends can last for a long time, so it is best to wait for a clear trend reversal signal before entering any trades.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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