Filecoin’s (FIL) price has been adversely impacted by the bearish market, falling below the $6 threshold, as bears have the upper hand. Moreover, the struggle of Bitcoin to maintain its value above $30,000 has also affected other coins, preventing them from climbing their nearest resistance levels.
As Filecoin (FIL) struggles in the market, investors have turned their attention to other promising projects, one of which is Sparklo (SPRK). Analysts have predicted that Sparklo’s (SPRK) value has the potential to skyrocket by 40x due to precious metals’ overall appeal to investors
Filecoin (FIL) Witnesses Sharp Sell-Off
Filecoin (FIL) is currently experiencing consolidation on the daily chart, with a slight decrease of 1.2%. However, over the past week, the coin has seen a significant depreciation of almost 17%.
The technical analysis suggests a bearish trend with reduced accumulation and demand. If the sellers continue to drive the price down, it will add more pressure to the bearish market.
For Filecoin (FIL) to exceed the $5.50 price, more buyers need to enter the market in upcoming trading sessions. A decline in market capitalization indicates mounting selling pressure, emphasizing the significance of the overall market strength of Filecoin (FIL).
Currently, Filecoin (FIL) trades at $5.20, with resistance at $5.60, and a successful surpassing of this level could propel it towards $6 and possibly even $6.30.
If Filecoin (FIL) fails to trade at its current level, it will establish local support at $4.90. However, if the price falls below this mark, it will intensify the bears, driving the coin down to $3.80. Moreover, in the prev
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Author: Crypto Daily
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