Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- The daily market structure flipped bearish after the drop beneath $5.6.
- The swift losses left an imbalance that could be filled in the coming days.
The rejection at $6.43 on 15 April was an alarming development for Filecoin. A recent report highlighted how the fall below $6 reinforced bearish pressure. At the time of writing, an imbalance on the charts could offer sellers an opportunity to short FIL upon a bounce.
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The metrics were not encouraging for Filecoin either. There were many issues that the network faced, and the selling pressure across the market did not help FIL bulls. The $5 support would likely not withstand a bearish assault.
The retest of a bullish order block noted underwhelming buying pressure
A bullish order block on the daily timeframe was highlighted in cyan. It saw a sharp break in the previous market structure and flipped it to bullish on 13 March. The buyers were unable to sustain that pressure in the weeks since.
Instead, when the price ventured into the order block and as deep as the $5.2 support, the bulls were able to come up with only a meek response. They were unable to drive the rally past $6.4, and the market structure was bearish once more.
The RSI was at 40 showing downward momentum, and the 21 and 55-period moving averages showed bearishness as well. Surprisingly the CMF revealed strong capital inflow to
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Author: Akashnath S
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