{"id":550871,"date":"2023-09-12T06:59:07","date_gmt":"2023-09-12T06:59:07","guid":{"rendered":"https:\/\/wncen.com\/?p=550871"},"modified":"2023-09-12T06:59:07","modified_gmt":"2023-09-12T06:59:07","slug":"filecoin-uphill-battle-to-3-5-whats-holding-it-back","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/filecoin-uphill-battle-to-3-5-whats-holding-it-back\/","title":{"rendered":"Filecoin Uphill Battle To $3.5 – What’s Holding It Back?"},"content":{"rendered":"

Filecoin (FIL) has been facing a long-term downtrend, marked by wavering buyer confidence and a series of concerning technical indicators. A recent price analysis reveals a bearish order block at $3.6 on FIL’s one-day chart, with a closely tested liquidity zone at $3 over the past month. This downward trend has persisted since early August, as evidenced by a sequence of lower highs and lower lows.<\/span><\/p>\n

On the weekly chart, two key levels have held significant sway over FIL’s fortunes since June 2022. The resistance at $4.8 and the support at $2.42 have acted as formidable barriers and lifelines, respectively.\u00a0<\/span><\/p>\n

Analysis suggests<\/span><\/a> that a breakthrough above the $4.8 resistance could signify the first step toward establishing a long-term uptrend. Furthermore, the presence of a bearish breaker block in the 1-week timeframe, spanning from $4.6 to $5.7, reinforces this notion.<\/span><\/p>\n

Related Reading: Massive PEPE Token Dump: Whale Unloads 762 Billion At Loss As Price Wobbles<\/a><\/div>\n

Filecoin Bearish Signals Abound<\/strong><\/h2>\n

The same analysis highlights that technical indicators have been unforgiving for FIL, with both the On-Balance Volume (OBV) and Relative Strength Index (RSI) painting a grim picture. The OBV has been in a consistent downward trajectory since mid-July, indicative of sustained selling pressure.\u00a0<\/span><\/p>\n

<\/p>\n

FIL market cap currently at $1.3 billion on the daily chart: TradingView.com<\/a><\/pre>\n
Meanwhile, the RSI exhibits bearish momentum, recording a reading of 31 and consistently residing below the neutral 50 mark since late July. These combined signals strongly suggest that FIL may experience a drop below $3 and trend towards $2.4 in the weeks ahead.<\/span><\/p>\n
As of the time of writing, the current <\/span>CoinGecko<\/span><\/a> price for Filecoin (FIL) stands at $3.04. Over the past 24 hours, FIL has experienced a decline of 1.7%, while the seven-day period has seen a slump of 4.3%. These recent declines add to the challenges that FIL has been facing in its price action.<\/span><\/p>\n
\"\"<\/p>\n
Filecon seven-day price movement. Source: Coingecko<\/a><\/p>\n
Investor Perspective: A Silver Lining For Filecoin<\/strong><\/h2>\n
Despite the prevailing challenges, some seasoned investors are turning their attention to Filecoin. <\/span>A report cites<\/span><\/a> Filecoin’s unique value proposition, an accomplished team, and an incentivized mechanism as reasons for optimism. <\/span><\/p>\n
Filecoin, as a decentralized data storage system, allows users to securely store and retrieve data in a decentralized manner. Its expert team is committed to ensuring its continued development and success. Moreover, the incentive mechanism rewards users with FIL tokens for sharing their storage space, fostering a robust and self-sustaining ecosystem.<\/span><\/p>\n
Filecoin’s technical indicators may currently signal a challenging road ahead, with a downtrend seemingly in progress. However, some investors remain undeterred, recognizing the project’s unique strengths and the potential for a brighter future. As the cryptocurrency market is ever-volatile, only time will reveal whether Filecoin can overcome its current obstacles and thrive in the long run.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from CryptoSlam<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Filecoin (FIL) has been facing a long-term downtrend, marked by wavering buyer confidence and a series of concerning technical indicators. A recent price analysis reveals a bearish order block at $3.6 on FIL’s one-day chart, with a closely tested liquidity zone at $3 over the past month. This downward trend has persisted since early August, as evidenced by a sequence of lower highs and lower lows. On the weekly chart, two key levels have held significant sway over FIL’s fortunes since June 2022. The resistance at $4.8 and the support at $2.42 have acted as formidable barriers and lifelines, respectively.\u00a0 Analysis suggests that a breakthrough above the $4.8 resistance could signify the first step toward establishing a long-term uptrend. Furthermore, the presence of a bearish breaker block in the 1-week timeframe, spanning from $4.6 to $5.7, reinforces this notion. Related Reading: Massive PEPE Token Dump: Whale Unloads 762 Billion At Loss As Price Wobbles Filecoin Bearish Signals Abound The same analysis highlights that technical indicators have been unforgiving for FIL, with both the On-Balance Volume (OBV) and Relative Strength Index (RSI) painting a grim picture. The OBV has been in a consistent downward trajectory since mid-July, indicative of sustained selling pressure.\u00a0 FIL market cap currently at $1.3 billion on the daily chart: TradingView.com Meanwhile, the RSI exhibits bearish momentum, recording a reading of 31 and consistently residing below the neutral 50 mark since late July. These combined signals strongly suggest that FIL may experience a drop below $3 and trend towards $2.4 in the weeks ahead. As of the time of writing, the current CoinGecko price for Filecoin (FIL) stands at $3.04. Over the past 24 hours, FIL has experienced a decline of 1.7%, while the seven-day period has seen a slump of 4.3%. These recent declines add to the challenges that FIL has been facing in its price action. Filecon seven-day price movement. Source: Coingecko Investor Perspective: A Silver Lining For Filecoin Despite the prevailing challenges, some seasoned investors are turning their attention to Filecoin. A report cites Filecoin’s unique value proposition, an accomplished team, and an incentivized mechanism as reasons for optimism. Filecoin, as a decentralized data storage system, allows users to securely store and retrieve data in a decentralized manner. Its expert team is committed to ensuring its continued development and success. Moreover, the incentive mechanism rewards users with FIL tokens for sharing their storage space, fostering a robust and self-sustaining ecosystem. Filecoin’s technical indicators may currently signal a challenging road ahead, with a downtrend seemingly in progress. However, some investors remain undeterred, recognizing the project’s unique strengths and the potential for a brighter future. As the cryptocurrency market is ever-volatile, only time will reveal whether Filecoin can overcome its current obstacles and thrive in the long run. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from CryptoSlam<\/p>\n","protected":false},"author":557,"featured_media":550885,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,1144,8686,86603,83424,4735],"class_list":["post-550871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-btcusd","tag-ethusd","tag-fil-price","tag-filecoin","tag-price-action"],"acf":[],"yoast_head":"\nFilecoin Uphill Battle To $3.5 - What's Holding It Back?<\/title>\n<meta name=\"description\" content=\"Filecoin (FIL) has been facing a long-term downtrend, marked by wavering buyer confidence and a series of concerning technical indicators. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Filecoin Uphill Battle To $3.5 – What’s Holding It Back?","url":"http:\/\/wncen.com\/news\/filecoin-uphill-battle-to-3-5-whats-holding-it-back\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/filecoin-uphill-battle-to-3-5-whats-holding-it-back\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-43.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-43.png?fit=756%2C381"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","btcusd","ethusd","fil price","filecoin","price action"],"dateCreated":"2023-09-12T06:59:07Z","datePublished":"2023-09-12T06:59:07Z","dateModified":"2023-09-12T06:59:07Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Filecoin Uphill Battle To $3.5 – What’s Holding It Back?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/filecoin-uphill-battle-to-3-5-whats-holding-it-back\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/filecoin-uphill-battle-to-3-5-whats-holding-it-back\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-43.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-43.png?fit=756%2C381\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"btcusd\",\"ethusd\",\"fil price\",\"filecoin\",\"price action\"],\"dateCreated\":\"2023-09-12T06:59:07Z\",\"datePublished\":\"2023-09-12T06:59:07Z\",\"dateModified\":\"2023-09-12T06:59:07Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-43.png?fit=756%2C381","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/550871"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=550871"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/550871\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/550885"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=550871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=550871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=550871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}