Filecoin

In today’s <a href="https://news.todayq.com/bitcoin-might-crash-to-53000-level-if-this-happens/" rel="noopener noreferrer nofollow">bearish market</a> sentiment, a prominent crypto analyst and trader made a post on X (previously Twitter) indicating that a technical indicator named TD Sequential had issued a buy signal for Filecoin’s FIL token. According to the post on X, the trader highlights that if FIL can close above the 50-day Exponential Moving Average (EMA), we might witness a short-term uptrend lasting one to four daily candlesticks.
The TD Sequential presents a buy signal of Will FIL token price increase? 
Filecoin is a decentralized data storage marketplace, and its FIL token has experienced a downside momentum of over 28% in the last 12 days. FIL is not the only token experiencing downside momentum; currently, the overall cryptocurrency market is undergoing a price correction mode.
On March 8, 2024, FIL gave a breakout of the major resistance level of $11.60 and also experienced a strong daily candle closing above the resistance level. This not only creates hope for major upside momentum but also attracts massive traders and investors. However, this strong breakout was a fakeout, and a significant number of traders and investors got trapped in it.
However, after a continuous fall in the price of FIL, it is currently trading near $8.2. In the last 24 hours, it experienced an upside momentum of over 3% and also reached an intraday high of $8.58 and a low of $7.70. Looking at the performance of FIL over a longer period, in the last 7 days, the FIL token price has dropped by over 24%, whereas in the last 30 days, it experienced a price surge of only 7%. Filecoin technical analysis and key levels 
Besides, analyst speculation from technical indicators and its price performance in this negative market sentiment. If we look at the chart of Filecoin FIL on a weekly timeframe, it looks like FIL took support from the $7.7 level and is currently experiencing an upside momentum. However, this price drop of over 28% in the past 12 days was a price correction after the bullish momentum of over 130% from $4.9 to $11.6 level.&nbsp;
Additionally, let’s analyze the FIL chart on a daily timeframe. It is currently looking bullish as it receives support from a strong demand zone near the $7.7 level and is also trading above the 200EMA (Exponential Moving Average). If FIL manages to sustain above $8, then in the coming days, we may see the price reach $11.5 and $16.

Filecoin chart flashes buy signal, suggests analyst

Todayq News

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