Filecoin

Resistance

Million

<ul class="list-ic vertical">
 <li><span>1</span> <a>FIL coin signifies sharp selling momentum and witnessed drop of over 12%.</a></li>
 <li><span>2</span> <a>Filecoin price slipped to the 50-Day EMA mark and may continue to erode the gains.</a></li>
</ul>
<p>Filecoin price (FIL) noted sharp rejection from the supply zone of $11 and retraced over 25% this week, witnessing selling pressure. This month, sharp fluctuations and massive pump and dump movements were witnessed which led buyers trapped at highs, and a sudden panic fall was noted on the charts. The technicals are suggesting a possible correction ahead and the coin may face further selloff in the coming sessions.</p>
<p>At press time, the<a href="https://www.thecoinrepublic.com/2023/01/10/filecoin-fil-price-prediction-filecoin-price-getting-ready-for-a-stormy-ride-5-00-coming/" target="_blank" rel="noopener noreferrer nofollow"> Filecoin (FIL) price </a>was trading at $8.08 with an intraday drop of 13.10%, indicating bearishness on the charts. It has a monthly return ratio of 31.90% and 38.89% on a yearly basis. The pair of FIL/BTC is at 0.000130 BTC, and the market cap is $4.30 Billion. Analysts are neutral and suggest the FIL price may continue to erode the gains and may retest the 100-Day EMA mark near $7 soon.</p>
<h2 class="wp-block-heading" id="strong-filecoin-price-glimpses-reversal-is-bearish-trend-ahead-strong"><strong>Filecoin Price Glimpses Reversal, Is Bearish Trend Ahead?</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (FIL), Volume (FIL)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=file-coin&amp;pt=FIL&amp;df=2023-12-13T00%3A00%3A00.000Z&amp;dt=2024-03-19T18%3A29%3A59.549Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%23284731%3B%237a89c9&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D%3B" scrolling="no"></iframe>
<p>Amidst the notable surge of over 110% in the previous month, the mighty bulls took a break and the leadership was handed to the bears which led to a retracement of over 30% this month from the highs near $11. However, the trend is neutral and the coin is above the neutral zone, and a pullback could be seen soon.</p>
<p>The trading volume witnessed a significant reduction and dropped around 75% to $550.49 Million indicating low investor interest. However, the price has retested the breakout region of $8 which is the make-or-break region.</p>
<h2 class="wp-block-heading" id="strong-what-does-price-volatility-and-sentiment-indicate-strong"><strong>What Does Price Volatility and Sentiment Indicate?</strong></h2> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (FIL), Price Volatility 1w (FIL)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=file-coin&amp;pt=FIL&amp;df=2023-12-13T00%3A00%3A00.000Z&amp;dt=2024-03-19T18%3A29%3A59.549Z&amp;emcg=1&amp;emhwm=1&amp;wm=sentiment_volume_consumed_total%3Bprice_volatility_1w&amp;wax=0%3B1&amp;wc=%233b6dc6%3B%23FF5B5B&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
<p>Following the trend reversal, Filecoin has witnessed intense fluctuations and noted a sharp spike in the volatility. The data shows that the volatility curve spiked over 85% to 0.077, resembling the aggressive selling pressure in the last sessions. Furthermore, the total weighted sentiment shows an adverse view and that the curve is in the negative region.</p>
<h3 class="wp-block-heading" id="strong-social-dominance-and-volume-remained-lower-strong"><strong>Social Dominance and Volume Remained Lower</strong></h3> <iframe loading="lazy" title="Santiment Chart: Social Dominance (FIL), Social Volume (FIL)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=file-coin&amp;pt=FIL&amp;df=2023-12-13T00%3A00%3A00.000Z&amp;dt=2024-03-19T18%3A29%3A59.549Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Bsocial_volume_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2368DBF4&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>Per the Santiment data, the social dominance data noted a consistent drop and slipped to the bottom around 0.053% indicates the decline in the investor activity on the social media platforms. Moreover, the social volume witnessed a drop and the volume plunged to 6, signifying a negative outlook.</p>
<h4 class="wp-block-heading"><strong>Development Activity and RSI Overview</strong></h4> <iframe loading="lazy" title="Santiment Chart: Development Activity (FIL), Dev. Activity Contributors Count (FIL)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=file-coin&amp;pt=FIL&amp;df=2023-12-13T00%3A00%3A00.000Z&amp;dt=2024-03-19T18%3A29%3A59.549Z&amp;emcg=1&amp;emhwm=1&amp;wm=dev_activity%3Bdev_activity_contributors_count&amp;wax=0%3B1&amp;wc=%238358FF%3B%23FF5B5B&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D%3B" scrolling="no"></iframe>
<p>The above data shows that, the development activity noted a steady movement amidst the notable rise in the price for the past weeks. This data hints at the consistent activity which is a neutral sign, whereas the contributors count noted a surge to 1.30.</p>
<p>The relative strength index (RSI) curve stayed above the neutral zone like a bearish crossover, reflecting selling pressure in the past sessions. Furthermore, the technicals are suggesting a further selloff and that the coin may retest the $7 mark soon.</p>
<p>Per the Fib levels, the FIL price has slipped below the 38.2% zone and is heading toward the 23.6% zone, indicating a negative outlook for the coming sessions. The total supply of the Filecoin is 526.26 million and the volume to market cap ratio is 0.128.</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>The Filecoin price noted a trend reversal and is indicating seller dominance, revealing the short buildup activity. Furthermore, the FIL price has retested the 50-Day EMA mark, near the breakout region and more volatility is anticipated in the next few sessions.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p><strong>Support Levels:</strong> $8 and $7.60</p>
<p><strong>Resistance Levels:</strong> $9 and $9.50</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

Filecoin Price Notes 12% Drop – Bull Trap Or A Correction Phase?

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Thecoinrepublic.com

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