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Filecoin Price Analysis: Where Will The Downtrend Of FIL Crypto Reach?

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  • Fil crypto price is currently in a downtrend and can soon see a strong move in the future. In contrast, the asset is down by more than 23%
  • Technical indicators of Filecoin suggests a bearish mode in price for the future.Meanwhile, FIL/BTC pair is down by more than 16% 

Why To Invest In FIL Crypto?

FIL crypto price is currently seeing a downside trend and can soon hit the next support level in the future. Filecoin is drifting close to the worth of $19 and has seen a loss of more than 24%. It is a decentralized stockpiling framework that plans to store the most significant data of mankind. The possibility of it was first depicted back in 2014 as a motivation layer for the Interplanetary File System (IPFS), a distributed stockpiling organization. Filecoin is an open convention and upheld by a blockchain that records responsibilities made by the organization’s members, with exchanges made utilizing FIL, that is its local money. One can put resources into the Filecoin according to their requirements and hazard limit.

FIL coin cost is right now positioned 40th in the CMC and can soon see a strong recovery in the future. The volume of the coin is at present somewhere around over 90% in the intraday session. Volume to market cap proportion of the resource cost proposes a united pattern for the price.

Technical Indicators Of FIL Crypto Hints Towards A Strong Downtrend

Source: Trading view

The weekly technical chart of Filecoin suggests a strong bearish momentum in the price for the future. Coming to the daily chart, the asset price is in a downside trend. If the Filecoin sees an upside trend then a setback near the value of $30. The downtrend of the coin might see a bounceback near $12. There is a downside parallel channel formed which can push the price to a lower level. If the coin price sees a rally then it can reach $50. FIL/BTC pair can see strong momentum in the future

Technical Levels

Major Resistance: $30

Major Support: $15

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