The price of Filecoin has recently experienced a sharp sell-off, raising doubts about the possibility of it dipping beneath $5. Currently the trading price is hovering near $5.26, showing signs of bearish pressure with the decrease in demand and accumulation. Bulls will need to garner strength from the broader cryptocurrency market if Filecoin is to move above the overhead resistance at $5.60. Technical indicators, such as the Relative Strength Index and Moving Average Convergence Divergence, are at present signaling sell signals. If the coin fails to make a breakthrough, it could slide further and local support of $4.90 will be tested.
Noah Davis
- 2023-04-25
Filecoin's Sharp Sell-Off in Question
Filecoin has experienced a sharp sell-off recently, raising doubts of it dipping beneath $5. The trading price is hovering near $5.26, signaling sell signals on technical indicators. If the coin fails to break above $5.60 resistance it could slide further to $4.90.
