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 customized token of this ecosystem. Let us look at the technical analysis of FIL. Past Performance On Jul 22, 2021, FIL opened at $46.23. On Jul 28, 2021, FIL closed at $49.52. Thus, in the past week, the FIL price has increased by roughly 7%. In the last 24 hours, FIL has traded between $48.45-$50.94. https://ift.tt/3ydOvtR Day-Ahead and Tomorrow Currently, FIL is trading at $48.88. The price has decreased from the day’s opening price of $49.52. Thus, the market seems bearish. 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 price to fall further. Currently, the RSI indicator is at 51%. It faced rejection at 35% and rose to the current level. Hence, buying pressures are mounting. High buying activity will exert upward pressure on the FIL price. However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may start rising. In a nutshell, the MACD indicator has given negative signals, while the RSI and OBV indicators have given positive signals. Thus, we have to wait and watch if the intermittent price rises are a market correction of the beginning of a trend reversal. FIL Technical Analysis Currently, the price is above the first Fibonacci pivot support level of $48.68. The price may soon rise above the Fibonacci pivot point of $49.64. After that, we have to wait and watch if the price continues to rise or starts falling. The price has tested and fallen below the 23.6% FIB retracement level of $49.04. It may further fall below the 23.6% FIB extension level of $47.86. If the price retests and surpasses these levels by day close, a price uptrend has probably set in. In that case, the price may continue to rise tomorrow as well.
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