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Bears are dominating Filecoin market
FILUSD Price Analysis – November 02
In case bears technically break down the support level of $4.8, Filecoin may decrease to $4.0 and $3.6 support levels. In case the bearish momentum is weak, bulls may gain momentum and price increase to $5.7, $6.1 and $7.2 resistance levels.
FIL/USD Market
Key Levels:
Resistance levels: $5.7, $6.1, $7.2
Support levels: $4.8, $4.0, $3.6
FIL/USD Medium-term Trend: Bearish
FIL/USD is bearish in the long-term outlook. Filecoin has been fallen since August 01. The bears dominate the market in which many support levels have been turned to resistance level. All attempts made by the buyers to push the coin upwards has been proved abortive. Support level of $7.2, $6.1 and $5.7 penetrated downside and price found support at $4.8 level.
Filecoin is trading below 21-periods EMA and 9-periods EMA which connote that the bears are dominating the Filecoin market. The relative strength index period 14 is at 45 levels pointing down which indicate sell signal. In case bears technically break down the support level of $4.8, price may decrease to $4.0 and $3.6 support levels. In case the bearish momentum is weak, bulls may gain momentum and price increase to $5.7, $6.1 and $7.2 resistance levels.
FIL/USD Short-term Trend: Bearish
Filecoin is bearish in the short-term outlook. The sellers prevailed over buyers at the resistance level of $6.1 when the price pulled back. This is what made the price to decrease to the low of $4.8 support level. The price bounced up to retest $5.7 level. Bulls are trying to resist further price declination. Price may decrease below $4.8 level.
Filecoin is trading below the 21-period EMA and 9-periods EMA which indicate that the sellers’ pressure is increasing. The relative strength index period 14 is at 35 levels pointing down to indicate sell signal.
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