Cryptocurrency
Filecoin's Price Struggles Amidst Bearish Market Sentiment
Friday. July 26 at 5:00 AM
1 min. readFilecoin's (FIL) price is currently facing challenges within the volatile crypto market, as investors hesitate to sell, hindering potential recovery. The altcoin's price decline is evident on the daily chart, with indicators like the Relative Strength Index (RSI) reflecting increased bearish sentiment and selling pressure. Additionally, FIL's negative funding rate signals a lack of confidence in its short-term performance, posing obstacles to a swift recovery. Despite breaching the $4.6 barrier, Filecoin has dropped 12% in the past four days, now trading at $4.1 and at risk of further decline to $3.5. However, securing $4.2 as a support level could pave the way for a bounce back above $4.6 and potentially beyond $5.0. Investors should remain cautious and conduct thorough research before making any financial decisions in this uncertain market.