Filecoin Price Turns Bearish! Will The FIL Coin Price Descend Continue?

The post Filecoin Price Turns Bearish! Will The FIL Coin Price Descend Continue? appeared first on Coinpedia Fintech News

Despite the crypto industry kick-starting the year positively, the Filecoin price has recorded constant losses. The FIL coin price has experienced a loss of over 23% over the past week, making it one of the top losers in the crypto market.

The FIL price traded in a closed range between $4.415 and $4.916 for a brief period, following which the price regained momentum and jumped over 26% in value. However, the rally was short-lived as the bulls faced rejection at $6.195, after which the price experienced correction and leveled out all its gains.

TradingView: FIL/USDT

After this, the FIL price constantly gained value and broke out of the resistance level at $5.482. The price then displayed significant price volatility and traded in a consolidated range between $5.482 and $6.195 for over a week.

After multiple attempts, the Filecoin bulls regained momentum, and the coin jumped over 34% in its valuation, following which it faced rejection at $7.861. Since then, the price has been trading under a bearish influence and has recorded a correction of approximately 31%.

The technical indicator, MACD, displays a rising red histogram, indicating an increase in selling-over-buying pressure in the market. Further, the averages show a bearish convergence, suggesting the price will continue losing momentum in the coming time.

Will Filecoin Go Back Up In 2024?

If the bulls hold the price above the support level of $5.482, the FIL coin will regain momentum and prepare to test its resistance level of $5.963 this week. Maintaining the price at that level will set the stage for Filecoin to attempt to test its upper resistance level of $6.2 in the coming time.

Negatively, if the bulls fail to regain momentum, the Filecoin price will continue to fall and test its support level of $4.916. Moreover, if the bears hold power over the market, it will drop further and test its lower support level of $4.415 by the week ahead.