Filecoin

Status

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/filecoin-faces-decline-in-buying-pressure/" data-wpel-link="internal">Filecoin Faces Decline in Buying Pressure</a> 
The local <a href="https://en.coin-turk.com/dogecoins-bright-forecast-detailed-analysis-and-price-predictions-amidst-altcoin-turbulence/" data-wpel-link="internal">token</a> of Filecoin, FIL, has seen a decline in buying pressure, which could trigger a process resulting in the loss of recent gains. FIL, which has been moving within a rising channel, is showing signs of weakness as it moves closer to the lower channel. 
<h2 style="text-align: justify" id="current-status-of-filecoin">Current Status of Filecoin</h2> 
FIL has been moving within a rising channel since July 4. This channel generally indicates a price increase. The channel for FIL has encountered resistance at $5.05 and has a support level at $4.37. 
On July 23, FIL attempted to break resistance but failed, resulting in a price pullback. As of the time of writing, FIL is trading at $4.44. Generally, movements towards support within this channel are known to bring a decline in buying pressure. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-375344" src="https://coin-turk.com/wp-content/uploads/2024/07/fil-1-coin-turk-com.png" alt="" width="488" height="243"> 
If bulls fail to maintain this support level, it could lead to larger declines and trigger a noticeable price drop. Until there is an improvement in sentiment, the price decline may continue. 
On the other hand, the Relative Strength Index (RSI) indicator for FIL suggests a possible movement below support. The RSI value for FIL remains near 50, but it reached this level after a downward movement. 
The RSI generally indicates the existing overbought or oversold pressure in the market, and with the recent decline, the buying pressure has been decreasing. 
<h2 style="text-align: justify" id="what-will-be-the-price-of-fil">What Will Be the Price of FIL?</h2> 
On-chain <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> also shows a negative trend for FIL, which has not gone unnoticed by <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. According to data provided by Santiment, the weighted sentiment at the time of writing was -0.04. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-375346" src="https://coin-turk.com/wp-content/uploads/2024/07/fil-3-coin-turk-com.png" alt="" width="495" height="182"> 
The weighted sentiment metric measures the market’s sentiment towards the asset. A negative metric indicates that investors generally have negative emotions such as uncertainty and doubt, which is usually associated with a market decline. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-375347" src="https://coin-turk.com/wp-content/uploads/2024/07/fil-4-coin-turk-com.png" alt="" width="502" height="243"> 
If sentiment and indicators remain negative, FIL could fall below the support level, potentially reaching the lowest level seen in the last nine months at $3.25. However, if the current trend reverses and buying pressure increases, it could rise to $5.28. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/filecoin-faces-decline-in-buying-pressure/" data-wpel-link="internal">Filecoin Faces Decline in Buying Pressure</a></h5>
The post <a href="https://en.coin-turk.com/filecoin-faces-decline-in-buying-pressure/" data-wpel-link="internal">Filecoin Faces Decline in Buying Pressure</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Filecoin Faces Decline in Buying Pressure

Table of Contents

COINTURK NEWS

Άλλα άρθρα που δημοσιεύτηκαν στις 30 Ιουλ 2024

Major Bitcoin Miners Are Not Capitulating

Why is Bitcoin Price Down Today? Another Crypto Crash Looming?

Coinfest Asia 2024: Dive into Web3 Innovation Across 17 Immersive Areas

Harris Campaign Reaches Out to Crypto Industry in Effort to Mend Relations and Establish Regulato...

Solana Price (SOL) Faces Challenges at $200: Bulls Remain Active

Delta Air Lines To Seek Compensation After IT Outage, CRWD Stock Drops

Join our free newsletter for daily crypto updates!