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Bears’ momentum is low in the Filecoin Price market
FILUSD Price Analysis – 03 December
In case bears technically break down the support level of $4.0, Filecoin may decrease to $3.6 and $2.8 support levels. Bulls may gain momentum to break up the resistance level of $4.8 and price will increase to $5.7, and $6.1 resistance levels.
FIL/USD Market
Key Levels:
Resistance levels: $4.8, $5.7, $6.1
Support levels: $4.0, $3.6, $2.8
FIL/USD Medium-term Trend: Ranging
FIL/USD is ranging in the long-term outlook. The bearish movement started in August and it tested the support level of $4.8 on 24 October. Buyers gained more momentum to oppose the sellers and the price pulled back to retest the resistance level of $6.1. An evening star candle pattern formed; this is a bearish chart pattern. The price decreased to test the support level of $4.0. The sellers and the buyers lose their momentum and the price commences a ranging movement within the $4.8 and $4.0 levels.
The Sellers’ momentum and buyers’ momentum are equal. Price is currently ranging within the resistance level of $4.8 and $4.0. The Filecoin market is trading around the 21-periods EMA and 9-periods EMA. The relative strength index period 14 is at 49 levels pointing up, which indicates a buy signal. In case bears technically break down the support level of $4.0, the Price may decrease to $3.6 and $2.8 support levels. Bulls may gain momentum to break up the resistance level of $4.8 and the price will increase to $5.7, and $6.1 resistance levels.
FIL/USD Short-term Trend: Filecoin Price Ranging
Filecoin is ranging in the short-term outlook. The sellers’ momentum is at equilibrium with the bulls’ momentum and that is what caused a ranging movement within the resistance level of $4.8 and support level of $4.0. Until there is a breakout either to the north or to the south the ranging movement may continue.
Filecoin is hovering over and around the 21-period EMA and 9-periods EMA which indicates that ranging movement is ongoing. The relative strength index period 14 is at 55 levels pointing down to indicate a sell signal.
There is a low momentum in the Filecoin market, but there is a high momentum in the IMPT market.
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