Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• Low and high timeframe market structures were bearish.
• Demand stagnated in the Futures market amidst fluctuations in funding rates. 

Filecoin’s [FIL] sticky resistance near $3.4 allowed sellers to seek shorting gains in the past few days. After hitting the resistance on 8 October, players who shorted FIL enjoyed over 9% shorting gains at the press time value of $3.1. 

Is your portfolio green? Check out the FIL Profit Calculator

In a previous technical analysis of FIL, AMBCrypto was bearish on the asset after hitting the sticky resistance. 

The validation of the projection after a price retracement to the bullish order block at $3.0 could offer buyers a reprieve. But a solid reversal wasn’t imminent at press time. 

Will sellers exit positions at this support?

The price reversal dropped to a high timeframe support and daily bullish order block (OB) of $2.950 – $3.127 (cyan) at press time. Although this could be hopeful to bulls, there were no signs of reversal at the time of writing. 

Key price charts were negative and leaned towards bearish sentiment in the near term. Selling pressure intensified, as indicated by RSI’s movement into the oversold zone. Besides, Spot market demand for FIL and capital inflows declined, as shown by negative readings on OBV and CMF, respectively.   

However, FIL could see a reversal towards the $3.2 and $3.4

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Author: Benjamin Njiri

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