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Filecoin faces a bearish outlook amid market trends and internal challenges. Filecoin (FIL) has faced a challenging quarter, marked by a significant price decline. A combination of broader market trends and internal issues has hindered its performance. The widely observed market strategy, “sell in May and go away,” appears to have also played a key role in this downturn.
CRYPTO BREAKING NEWS
Filecoin Price Falls 55% in Q2, TVL Reaches Record High. Filecoin price has not had the smoothest ride this past quarter. A mix of market trends and internal challenges has contributed to a noticeable decline. The well-known market strategy, “sell in May… pic.twitter.com/YaRki8RDfR— InnovatekMobile (@Neome_com) August 4, 2024
This seasonal trading pattern, coupled with Filecoin’s struggle to gain momentum, has led to bearish sentiment among investors. With the cryptocurrency unable to break through resistance levels, the outlook remains cautious. Market participants are advised to closely monitor Filecoin’s developments and broader market conditions before making any investment decisions, as the current bearish trend suggests continued volatility.
Key Filecoin Levels To Watch – August 4
The FILUSD chart indicates a bearish trend as the price continues to make lower highs and lower lows. The recent drop from $4.10 to $3.50 shows strong selling pressure. The MACD (Moving Average Convergence Divergence) histogram has turned negative, suggesting bearish momentum.
Immediate support is around $3.000, with a potential further drop to the $2.00 level if the support fails. The price is currently below the 9-day SMA, reinforcing the bearish outlook. A potential short-term recovery could test the $4.10 resistance before resuming the downtrend.
FIL/USD Critical Levels
Resistance Levels: $6.770, $0, $9.350, $12.300
Support Levels: $5.020, $3.990, $2.950
FILUSD Metrics
Total Market Capitalization: $2.15T
Filecoin Market Capitalization: $2.15B
Filecoin Volume: $124.60M
Market Rank: #34
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