Bears dominates Filecoin market
FILUSD Price Analysis – August 19
Filecoin is targeting the demand level of $6.15 and may break it down provided the Bears increase their pressure. In case the Bulls were able to push up the price and break up the $7.20 level, then, $7.98 price level may be the target.
Resistance levels: $7.20, $7.98, $9.49
Support levels: $6.15, $4.94, $4.0
FIL/USD Medium-term Trend: Bearish
FIL/USD is on the bearish movement in the long-term outlook. The cryptocurrency has been under the bearish pressure started from August 01. The coin dropped to the support level of $7.98 on August 09. There was a price retracement to retest the broken level of $9.49. Further increase in price was not possible as the price was confronted with the confluence at the mentioned level. The Bears resumed their movement and the price is descending towards the demand level of $6.15.
Filecoin is trading below 21-period EMA and 9-periods EMA at a distance which indicates that the bearish momentum is strong. The relative strength index period 14 is at 40 levels pointing to the south which indicates sell signal. Filecoin is targeting the demand level of $6.15 and may break it down provided the Bears increase their pressure. In case the Bulls were able to push up the price and break up the $7.20 level, then, $7.98 price level may be the target.
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FIL/USD Short-term Trend: Bearish, Tamadoge Soaring Higher
Filecoin is bearish in the short-term outlook. Filecoin price has formed a descending triangle in the 4- hour chart. The price hit the lower trend line and break it down on August 18. The price decrease to test the support level of $6.15. The bears were able to break down the confluence at the mentioned level after short consolidation movement.
The price is heading towards the demand level of $6.15, trading below the 21-period EMA and 9-periods EMA which connotes that the Bears’ pressure is increasing. The relative strength index period 14 is at 20 levels pointing to the south indicates that Filecoin may sell further.
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