Filecoin (FIL) demonstrates potential short-term recovery signs after a sharp 8% decline. Currently priced at around $2.653, there are signals indicating a reduction in bearish pressure and a potential reversal.
Current Market Situation of Filecoin
Following a sharp drop from $2.840 to a low of $2.610, the current market price stabilizes around $2.650. Despite a minor increase of 0.08%, traders are drawing attention to signs of possible recovery.
Long-term Trends and Analysis
The recent long-term decline began near $2.900 and unfolded over three days. Strong bearish sentiment was evident on the 4-hour chart, confirmed by multiple consecutive black candles. One white candle appeared during this term, although it didn't reverse the overall bearish trend.
Signs of Stabilization and Potential Moves
Towards the end of the period, signs of a slight improvement in sentiment emerged. The price began consolidating around $2.650, suggesting a potential base formation. The TD Sequential signal is also being considered by traders as an indicator of the end of a bearish phase, opening prospects for movement above $2.700 in the short term.
In conclusion, Filecoin shows signs of potential recovery following a recent decline. Traders are monitoring further changes that may indicate shifts in market trends.
