The higher timeframe charts showed Filecoin bulls were spectacularly unsuccessful at driving significant price rallies since September 2021, and the near-term expectations are also bearish.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.More losses for FIL are expected but the large imbalances on the chart could pose a threat.
The 50 and 100-period moving averages also showed downward momentum. Examining the market structure, a clear series of lower highs and lower lows present themselves in June. The attempted move upward past the $4.8 area in late May was convincingly quashed.
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