Filecoin (FIL) continues to show signs of a bearish trend, despite attempts to hold above the critical support level of $3.00.
Support and Resistance Levels
Filecoin is testing a significant support zone between $2.90 and $3.00. Historically, this range has prevented further declines. If the price breaks below, a move toward $2.50 or lower is possible. An intermediate resistance zone exists between $4.20 and $4.30, frequently acting as a pivot area that limits upward movement. Further resistance lies between $6.50 and $7.00. Sustained recovery would require strong buying momentum to break these levels.
Trend and Indicator Analysis
MACD indicators support ongoing bearish forces as their lines currently sit at -0.459 and -0.468. The histogram points to a weak bullish trend. The MACD line crossing above its signal line generates an indication of a possible price increase. The RSI stands at 34.50, approaching oversold conditions. A rise above the 40-50 range could suggest a shift in momentum.
Current Market Condition
The Filecoin price has continued to fall since mid-2023 by creating successive lower highs and lower lows along its path. The price's inability to maintain bullish levels between $4.20-$4.30 triggered additional downward pressure that strengthened the current bearish market direction.
Filecoin is under significant pressure at the $3.00 level, highlighting the ongoing bearish trend. Future price movements will depend on the asset's ability to break through critical resistance and support levels.
