Filecoin [FIL] market weakens, but investors can still profit here

📆 12/23/2022 7:03 PM
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FIL faced price rejection at $3.024. A possible price recovery could set FIL to settle at $2.951. A break above $3.024 will negate the above forecast. Filecoin (FIL) rallied on 20 December, recording over 9% gains for investors after hitting a high of $3.084. However, price recovery followed, clearing about half of the profits. Recent […]

At press time, FIL was hanging loosely between 78.6% and 61.8% Fibonacci retracement levels and seemed poised for a further downtrend. Although the Money Flow Index indicator showed a sharp rise, the accumulation phase could be interrupted, given the drop in trading volumes and increased selling pressure.

The On Balance Volume also recorded a gentle downward trend, indicating that volumes dipped slightly. Such a dip could undermine buying pressure and give more leverage to sellers.

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