Filecoin is a blockchain-based open-source protocol for virtual payments, data retrieval, and digital storage. It is developed on an InterPlanetary File System. It enables users to rent unused data storage space. FIL is the native token of this network. Below is the technical analysis for the same. Past Performance On Jun 23, 2021, FIL opened at $49.39. On Jun 29, 2021, FIL closed at $64.28. Thus, in the past week, the FIL price has increased by roughly 30%. In the last 24 hours, FIL has traded between $56.35 – $65.86. https://ift.tt/3hiG35k Day-Ahead and Tomorrow Currently, FIL is trading at $65.25. The price has increased from the day’s opening price of $64.28. Thus, the market seems bullish. The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the FIL price to start falling. Currently, the RSI indicator is at 17% – deep into the ‘oversold’ region. It faced rejection at 47% and fell to the current level. Hence, selling pressures are extremely high. Hence, the RSI oscillator is giving further credence to the bearish market momentum indicated by the MACD oscillator. Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the FIL price. In short, all three oscillators have given bearish signals. FIL Technical Analysis Currently, the price is below the first Fibonacci pivot resistance level of $65.80. The price may soon fall below the Fibonacci pivot point of $62.16. If the bears remain strong, then we can expect the price to fall below the first, second, and third support levels of $58.53, $56.29, and $52.65, respectively, in a few hours. The price may soon test and fall below the 76.4% and 61.8% FIB retracement levels of $63.61 and $62.23 respectively. Thus, as of now, the bears are strong. Hence, we can expect the price downtrend to continue tomorrow as well.
The post FIL Technical Analysis: Price to Fall Below Support Levels of $58.53, $56.29, and $52.65 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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