Filecoin (FIL) is a cryptocurrency that powers the Filecoin network, a decentralized peer-to-peer file storage network that aims to let anyone store, retrieve, and host digital information. FIL tokens are used as payment for these services and as an economic incentive to ensure files are stored reliably over time. The FIL technical analysis is as follows: Past Performance On May 19, 2021, FIL started trading at $98.83 and closed at $99.12. On May 20, 2021, it fell to $70.40. In the past week, the FIL price has decreased by roughly 41%. During the last 24 hours, FIL has traded between $75.43-$89.21. https://ift.tt/3bLrcOS Day-Ahead and Tomorrow FIL was trading at $99.45 on May 18, 2021. This was one of the most recent highs after which the price has been falling through May 19, 2021, to find support at $88.12 on May 20, 2021. It is trading within a range after making a new peak at $207.43. FIL Technical Analysis The MACD and signal lines are positive. Moreover, a neutral crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum seems positive. Hence, we can expect the price to remain steady. Currently, the RSI indicator is at 55%. It faced rejection at 68% and rallied to the current level. Thus, selling pressures are high. Thus, the RSI indicator is giving further credence to flat signals given by the MACD oscillator. Falling Wedge typically results in a bullish breakout but in this case, we saw a bearish breakout. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines. However, most traders should wait for a completed pattern with a breakout, which it did (bearish). Currently, the price is above the 65.5% Fibonacci pivot point of $80.03. The price is soon likely to breakout of the first resistance level of $89. The price may break out of the subsequent resistance levels of $94 and $100, respectively, in some time. FIL trends are in line to stay neutral with a range of $78.1 to $90 in the coming two days.
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