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FILECOIN – ALTCOIN CHART ANALYSIS


 

FileCoin (FIL) is currently in a consolidation phase with no real momentum up or down. We are currently trading at around $7.40 and continue to see a downtrend.


On the 4H chart we can see that we have recently found little trading volume and therefore a sideways phase is a logical consequence. However, we still have significant downside potential.


Above all, the big sale with visible Wick could be the next goal. There is a lot of liquidity here, which can be seen in the volume. Thus, the short-term bearish target between USD 6.20 – 6.60 is possible.


On the daily chart we can clearly see that we are still in a downtrend. We have left this sideways, but without real volume we do not see a trend reversal coming here.


The RSI is slowly recovering from its oversold territory but is not showing us any positive divergences. Thus, the downtrend is still intact. In order to get out of this permanently, the USD 12 must fall. 


Before that, the risk of speaking of a bottom is too high. Rather, we must brace for further downside to form a definitive bottom.


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