Filecoin Price Analysis: FIL Plunge -1.19%, How Low Will It Drop?


  • Filecoin’s EMA(10) shows a upward trend.
  • FIL price flashes signs of bearishness on 7-days price chart.
  • FIL faces medium-term resistance at $5.71.
  • 24-hour trading volume for Filecoin is hovering at $236,958,690.00.

19 April 2024 : In this article we will walk you through Filecoin price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Filecoin, Is FIL a good investment? Filecoin support & resistance levels etc. But before diving deep into the FIL technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,282,722,199,839. The total trading volume stands at $101,044,688,594. Bitcoin shares 54.06 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $62,644.87 level after an upward movement of 1.14%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -0.27 percent reaching to $3,021.56 during the previous 24 hours.
While publishing this blog, BNB traded at $546.14, following a price change of -1.29%within the same time frame. SOL the native coin of Solana is up by 2.35 and currently trading at $139.52. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Filecoin Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Filecoin (FIL)

FIL Resistance Levels FIL Support Levels
Resistance Level 1 $5.44 Support Level 1 $4.78
Resistance Level 2 $5.71 Support Level 2 $4.39
Resistance Level 3 $6.10 Support Level 3 $4.12

Filecoin Performance

FIL has recorded a downtrend, losing -1.19% in last 24 hours. The current value of Filecoin is hovering at $5.87 with the trading volume of $236,958,690.00 USD in the same timeframe. The overall marketcap for FIL is $3,169,716,464.00 USD while the coin price changes -28.35% over the week.

Filecoin Price Analysis

FIL price analysis for 19 April 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Filecoin.

Moving Averages Price Indicator
Simple Moving Average (10) 5.19 Buy
Exponential Moving Average (10) 5.21 Buy
Simple Moving Average (20) 5.37 Buy
Exponential Moving Average (20) 5.36 Buy
Simple Moving Average (50) 5.66 Buy
Exponential Moving Average (50) 5.64 Buy

The MACD line is standing below of the signal line after a crossover. Filecoin investors need to wait for any directional change over the daily chart. While FIL’s Williams %R indicator is at -39.239 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. RSI implying near oversold phase while trading at 31 and is trying to break out of the bearish zone.

Conclusions

The value of FIL is continuously dumping but it is expected that support levels at $4.78 and $4.39 will act as crucial points and bounce the trend line in the bullish zone