Filecoin (FIL) Holds Beyond $13 Amid Dominant Bearishness – Price Analysis

  • Filecoin price outlook reveals bearish sentiment.
  • FIL’s massive resistance stands at $15.
  • The primary support barrier stands near $12.87.

Filecoin outlook shows FIL/USD followed a downside path since touching the $21.68 peak on 19 April. The alternative token lost more than half its value, currently hovering at $13.65. the token dropped around 3.76% over the past day as prices sway between the $12.89 and $13.90 range. Its trading volume sits at $513,175,732.28, a 1.33% drop.

4Hr Price Analysis

Filecoin analysis shows increasing volatility as the token tests the resistance at $14 (frequently). These price movements created a descending channel, and the current price hovers near the range’s bottom.

The MA diverges, suggesting a potential breakout in either direction. The Moving Average Convergence Divergence stayed inside the bearish territory as the histogram and signal line plunged. That shows the selling momentum can extend in the short term.

The Relative Strength Index stands at 31.73 while nearing oversold regions. That shows the selling strength can ease in the short term, offering price support near current value areas.

Moreover, the RSI seems to follow downtrends that reflect the dropping crypto value and dominating activity by sellers. The Bollinger’s upper band represents FIL’s massive resistance at $15.17. Furthermore, the falling prices imply declines in the market.

1-Day Analysis – Surging Selling Strength

The 1-day chart shows Filecoin on downtrends as the alt hovers beneath all three MAs – the 50 Exponential Moving Average at $15.01, 100EMA near $14.63, plus the 200 Exponential Moving Average around the $13.96 mark. That shows FIL’s road with the few hurdles is the downside, and the token will likely keep dropping in the short term.

The MACD heads towards a bearish cross as it hovers within the bearish area, indicating dominant selling pressure. Meanwhile, the RSI approaches oversold conditions at 33.57. That shows selling strength might ease in the short term, ensuring support at the current price levels

Final Thought

Filecoin outlook highlights sustained bearish dominance as bulls attempt to protect $13. Bears show dedication in dragging the token under the $13 vicinity. For now, FIL hovers within the $12 – $13 range. Meanwhile, breaching $13 will welcome continued declines. That would see Filecoin hitting $11. On the other side, bulls pushing beyond $14 will translate to possible surges towards $16.