Filecoin Tanks, Traders Should Short At These Levels

Name	Symbol	Market	Market Cap ($)	Algorithm
Filecoin	FILUSD	Crypto	3,019,215,443	PoST

Name

Symbol

Market

Market Cap ($)

Algorithm

Filecoin

FILUSD

Crypto

3,019,215,443

PoST

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.030	-0.51%	5.89	5.89	5.90

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.030

-0.51%

5.89

5.90

High Price	Low Price	Open Price	Prev. Close	52 Week Range
5.97	5.87	5.91	5.92	2.68 - 12.30

High Price

Low Price

Open Price

Prev. Close

52 Week Range

5.97

5.87

5.91

5.92

2.68 - 12.30

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:58:10	0.170000	5.89	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:58:10

0.170000

5.89

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,376,934.41	232,451.01	FIL	FILEUR	FILGBP	FILBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,376,934.41

232,451.01

Filecoin Tanks, Traders Should Short At These Levels

23/02/2023 10:00pm

NEWSBTC

The Filecoin price has performed remarkably over the last week. Over the last 24 hours, however, the Filecoin price was caught In the previous as it fell by 1%. The coin logged more than 40% appreciation in that time frame. The technical outlook of the altcoin pointed towards bullishness. Since FIL was rejected at the $9 price level, the altcoin’s momentum has slowed. Demand, however, registered a fall. This decrease in demand and accumulation could be attributed to Filecoin’s price correction. Related Reading: Bitcoin Bearish Signal: Exchange Whale Ratio Surges If demand remains consistent without falling on the chart, then bulls still have enough room to run. It is yet to be seen if Filecoin price will attempt to topple over its immediate resistance or if it will travel south to trade near its nearest support. It is safe to say that FIL has secured the $7 mark as solid support for its price. A drop below that level may bring the bears back for a while. If Bitcoin and the broader solid attempt to move north, FIL will receive a much-needed boost to turn its price around. Filecoin Price Analysis: One-Day Chart FIL was trading at $7.99 at the time of writing. The immediate resistance for FIL was $8.30. The $7 level is currently acting as a line of support for Filecoin. The chance of a price correction extending further cannot be ruled out as the coin trades laterally. In the event of demand falling further, Filecoin may fall to $7.90, then to $7.70, and finally to $7.40. All these levels above could act as shorting opportunities for traders. The amount of Filecoin traded in the last session declined, which meant that sellers were trying to depict an entrance into the market. Technical Analysis FIL has visited the overbought zone three times since the beginning of this year. Every time the coin faced a retracement from that level, which is considered usual. The Relative Strength Index stood at the 70-mark, which was still a sign of increased demand but with a downtick. If the coin continues losing demand, FIL will soon trade at its closest support line. The technical structure remains bullish for the altcoin. Filecoin price was above the 20-Simple Moving Average, meaning buyers were driving the price momentum in the market. Other technical indicators have also pointed towards bullish momentum on the chart. The Moving Average Convergence Divergence, which indicates price momentum and trend change, formed green signal bars. The green signal bars are tied to an increase in price. The Directional Movement Index reads the price direction. The indicator was positive, as the +DI (blue) line was above the -DI (orange) line. Related Reading: Crypto Assets Starting To Become “Overbought,” Santiment Says The Average Directional Index (red) rose above the 40-mark, which implied that the current price momentum was building, which would benefit the bulls. Featured Image From UnSplash, Charts From TradingView.com

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FILUSD Filecoin