Cryptocurrency FIL has been in a prolonged bearish trend before the bulls started to take control of the market and steered it in a bullish direction. Over the course of the rally, FIL has seen an increase of more than 90% of its value it with its current price trading close to the $7,000 mark. However, the bears have pushed FIL price down taking to it below the $6.600 level, with a 21% bearish turn after a three-black crow pattern.

As per technical analysis, although the RSI line is currently trading above the median line and 14 SMA, it is likely to take a bearish correction. The value of the RSI line is 57.98 points, while the 14 SMA is providing support to it at 52.48 points. The stochastic RSI is trading at the overbought zone of 98.85 points which is giving a bearish indication. The %K line is making a bearish interception below the %D line and is likely to move to the oversold zone shortly.

If the price of FIL falls below $5.800, there is a risk of further price plunge, but should it manage to stay above, there is an outlook of possible price appreciation with resistance at levels of $7.000 and $8.000. The 200 EMA has been providing a great resistance and it may prove to be a major barrier for the FIL price. Hence, it is too early to predict whether FIL prices will prevail over its barrier and the investors should be cautious and informed when trading.



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