fxs_header_sponsor_anchor

Filecoin Price Prediction: FIL poised for a pullback down to $28 before the next leg up

  • Filecoin price is up 40% in the past two days, breaking several resistance levels.
  • The digital asset still faces a critical barrier at $34 and might be poised for a correction soon.
  • FIL bulls must push the digital asset above $34 to see another leg up.

Filecoin had an amazing trading start back in October, reaching $100, but quickly plummeted down to $23 and never managed to fully recover. The digital asset has been on a tear recently, rallying to almost $34, but is currently facing a lot of selling pressure in the short-term and could see a pullback down to $28.

Filecoin at risk of a massive rejection from critical level

Filecoin price has gotten rejected from a crucial barrier at $34 which has been in place since almost the foundation of the asset. On the 4-hour chart, the TD Sequential indicator has presented a sell signal right after the current rejection, adding even more selling pressure.

FIL/USD 4-hour chart

On the daily chart, Filecoin price stopped at $33.9 and can quickly fall towards $30.5 which is the 78.6% Fibonacci retracement level. The next potential price target is $28, which is the 61.8% level.

FIL/USD daily chart

However, a clear breakout above $34 would invalidate the bearish outlook as this resistance barrier is significant. FIL bulls can drive the price up to $40.89 which is the high set on October 26, 2020.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.