Consolidation To Continue As Filecoin Price Lacks Volume: Analysts

• 1 Filecoin price currently trades at $3.25 with a slight loss of 0.40% in intraday.
• 2 The daily chart witnesses a consolidation of over 64 intraday sessions in a 13% to 15% range.
• 3 The FIL crypto price trades below the 50-day and 200-day EMA indicating weakness.

Filecoin price currently trades at $3.25 with a slight intraday loss of 0.40%. The price hovers in a range with sellers dominating near the $3.5 level and buyers getting aggressive at $3. The FIL crypto is unable to find a clear trend in the short term.

However, the long term favors the bears as the price has been on a continuous decline forming a lower highs pattern. The price followed a declining channel pattern and slipped to a lower level.

Recently, the price hovered in a range and is unable to form a new swing low indicating the sellers are getting weak. The price halted the further decline; indicating that the price trend may turn around.

The volume analysis shows that the Filecoin crypto price has a trading volume of $67.49 Million in the past 24 hours which is 4.25% less than the last day. The FIL crypto has a market cap of $1.49 Billion and ranks 31st in the crypto market. The volume-to-market-cap ratio is 4.76%; indicating low volatility in the market.

Filecoin Price Showing Accumulation After Decline

Source: FIL/USD By TradingView

Currently, the price trend seems to be indecisive in the short term. The breakout or breakdown may clarify the next directional movement of the FIL crypto. The volume received is below the average volume at the moment indicating the continuation of the sideways trend in the near term.

However, the long-term trend is slightly tilted towards the sellers but the sellers seem to be failing in the short term as they are unable to form a new swing low. The price hovers near the 50-day EMA, the breakout of which may take the price to the 200-day EMA.

Technical Indicators Show Sideways Trend in Short-Term

Source: FIL/USD By TradingView

At press time, the RSI analysis shows a neutral view and an indecisive trend in the short term. The RSI line is showing frequent crossover of the SMA line.

The EMA analysis shows that the FIL price hovers near the 50-day EMA. The breakout above the 50-day EMA may surge the price to the 200-day EMA. However, the lack of volume may increase the duration of breakout or breakdown.

Conclusion

Filecoin crypto price is trading at $3.25 with a 0.40% loss, hovering in a range between $3 and $3.5. The price is indecisive in the short term, but bearish in the long term, forming lower highs. The volume is low, indicating low volatility.

The price has stopped the formation of new swing lows and may turn around. The price is near the 50-day EMA, which may act as a resistance or a breakout point. The 200-day EMA is the next target.

Technical Levels

• Support Levels: $3.02 and $2.71
• Resistance Levels: $3.50 and $3.82

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

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