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The post <a href="https://coinpedia.org/price-analysis/filecoin-price-turns-bearish-will-the-fil-coin-price-descend-continue/">Filecoin Price Turns Bearish! Will The FIL Coin Price Descend Continue?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
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. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/XMxDwE6K8Wdxv7Lcm4sSGI29knzbYJrbHLje49TROmeXxdK58hEzFHDIGJE3d1RJhacHNbYy8pr2lz7hO6XBDMjXfoCyX8oLuVYSLVga53OxtLblg1SmLQr4W-n68ZxX1m4UxYhE0UQjkmiKKNLc91g" alt="Filecoin Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: FIL/USDT
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</figure> 
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. 
<h2 class="wp-block-heading" id="h-will-filecoin-go-back-up-in-2024">Will Filecoin Go Back Up In 2024?</h2> 
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.

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

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