The price of Filecoin is settling into a range of $50 to $66.55.
Because buyers and sellers are in a state of equilibrium, FIL is having difficulty generating meaningful price movement.
The coin indicates a bearish trend but no discernible momentum.
The price of Filecoin has stopped as a bearish trend is expected to continue, with momentum slowing but a bearish wedge formation forming despite recent range trading.
On Thursday, the price of Filecoin failed to sustain gains above the $66.55 resistance zone, as sideways trading continued. At the time of writing, the cryptocurrency was trading at $56.51, with intraday losses of -$2.86, and the consolidation appeared to be continuing.
According to Coinmarketcap.com, FIL is the 24th largest cryptocurrency, with a total market capitalization of $4,689,090,848, down by -5.90 percent, and a volume-to-market cap ratio of 0.1941. With a 24-hours volume of $1,001,278,184.35, FIL is ranked the 24th largest cryptocurrency with a total market capitalization of $4,689,090,848, down by -5.90 percent.
A bearish wedge pattern is forming on Filecoin, indicating a correction phase among numerous downward trends. Despite the fact that the last ten days’ price action displays higher highs and lower lows, buyers have been unable to make the upward trend work, with the $66.50 swing high serving as a significant resistance region. As long as the price does not establish a new high, the long-term bearish trend will likely continue.
The price of Filecoin is in a consolidation phase, according to the short-term price movement.
On the 4-hour chart, FIL has been trading sideways since June 11, consolidating between support and resistance levels of $50.17 and $66.55, respectively.
From its all-time high, the price of FIL has dropped by more than 72%. The cryptocurrency’s 50-day and 200-day moving averages have formed a death cross, indicating that the bear market will continue.
4-hour chart of FIL/USDt
The tiny size of the candlesticks, on the other hand, indicates that the current trend may be coming to an end, thanks to the increasingly balanced strength ratio between sellers and buyers. As a result, there is considerable ambiguity about the direction of Filecoin cryptocurrency’s next price movement.
Although the MACD has been below the neutral line since June 11, the chart’s two moving average lines crossed the 0-level on June 27, indicating the start of an upward trend. However, the two MACD lines appear to have converged above the 0-level, indicating that the recent FIL rise has slowed./n
