Filecoin (FIL) continues to move within a descending channel, showing consistent lower highs and lows since early July, indicating ongoing selling pressure.
Filecoin Price Dynamics
Filecoin (FIL) keeps trading inside a clear descending channel on the 4-hour chart. The price moves between a strong upper resistance and lower support line, showing a consistent pattern of lower highs and lows. This channel has held firm since early July. According to a recent tweet from Alpha Crypto Signal, as long as the mid-zone holds, FIL could push toward the channel's upper resistance.
Trading Activity and Technical Indicators
The 4-hour chart from Binance shows FIL trading around $2.39, having gained 2.27% in the last session. Volume recorded at 981.34K signals moderate buying interest during this upward movement. Technical indicators show mixed signals for Filecoin. The MACD recently crossed bullish, with its line at 0.013 above the signal line at -0.011. The RSI is at 56.86, climbing toward the upper neutral zone but hasn’t reached overbought levels yet.
Market Capitalization Trends
Between August 22 and August 28, Filecoin’s market cap showed notable ups and downs. It started near $1.60 billion, then dropped below $1.55 billion. By August 26, Filecoin’s market cap dropped to a weekly low of just over $1.45 billion. It then steadily climbed back to about $1.65 billion by August 28, showing renewed investor interest despite ongoing market swings.
Monitoring key price levels and indicator positions may help determine Filecoin's movement direction; however, the current situation suggests a cautious approach given the ongoing downtrend.
