Filecoin (FIL) In Bearish Clutch, But May Easily Escape And Recover
07 Septembre 2022 - 01:52PM
NEWSBTC
It isn’t easy to break free from a bear’s clutch, but Filecoin
(FIL) has its ways. FIL price performing well despite the bearish
grip Price retreats by 8.06% RSI, CMF showing selling edge and
bearish behavior By putting a stop to the heightened selling
activity, FIL was able to bounce back from the $5-mark. With that,
the coin was able to make a successful comeback while still
somewhat pinned down by the bears. With FIL going through the
motion of its 20/50/200 EMA, it shows a somewhat consistently slow
trend or movement that could happen in the next few sessions. Now,
if FIL won’t manage to hang on to the $5 baseline, the altcoin may
likely be pulled further down. According to CoinMarketCap, FIL
price is trading at $5.70 or showing an 8.06% decline as of this
writing. Related Reading: Want to Hodl USDC? Check These Indicators
First To Ease Doubt FIL Bulls Keen To Guard The Baseline Ever since
FIL has capsized to its all-time low registered on June 18, the
bulls are keen to guard the $5 baseline. A quick breach that went
above $7.35 was definitely a come-on, especially with the bullish
momentum but it was good while it lasted. Chart: TradingView.com On
the flip side, the plunge that shoots under the 20 and 50 EMA has
stirred a bullish invalidation seeing that the altcoin seems to
facing some difficulty in breaching the five-week resistance zone.
A bearish crossover of the above EMAs shows off the selling
propensity of Filecoin. A dull region may be close to FIL’s POC or
Point of Control as seen in the $5.6 zone. At this point, the FIL
bulls will most likely gather enough strength to test the key
resistance. The recovery efforts by the altcoin might face some
challenges in the $6 to $7 range which could be evident in the next
sessions. FIL Resilient Despite Bearish Grip RSI for Filecoin has
shown a selling edge and slipped from its position that sits above
the midline. CMF is also showing bearish streaks after it has
closed below the zero range. Additionally, DMI lines were also
shooting for a bearish crossover but Filecoin’s ADX continues to
show a weak directional trend. With the breakout seen under the
daily 20 and 50 EMAs plus the robustness depicted by the five-week
key resistance, sellers could take this as a hint to place recovery
barriers in the next sessions. More so, investors and traders
should always take some cue on the BTC and ETH movement and how it
impacts FIL and other altcoins as a while before making any move.
FIL has always had an impressive track record. In fact, FIL had a
spike of 2.74% seen on September 2 showing that the altcoin can
hold its head despite from the bearish grip. Related Reading:
Litecoin (LTC) Near-Term Route Could Be Determined By This Factor
FIL total market cap at $1.4 billion on the daily chart | Source:
TradingView.com Featured image from Invezz, chart from
TradingView.com
Filecoin (COIN:FILUSD)
Graphique Historique de l'Action
De Nov 2023 à Déc 2023
Filecoin (COIN:FILUSD)
Graphique Historique de l'Action
De Déc 2022 à Déc 2023