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Filecoin lagging behind Bitcoin and rest of the cryptocurrenciesPer request, we want to take a look at Filecoin. This cryptocurrency has been around for a few years, and the first thing that stands out to us is that its value is down more than 98% since its peak in 2021. Another thing that caught our attention is the relatively lower daily volume since the start of summer compared to the period in the first six months of 2023. Currently, Filecoin trades near $3.40, with technical indicators like MACD, Stochastic, and RSI pointing to the upside on the daily time frame, with MACD attempting to enter a bullish zone above the midpoint. We saw similar developments shortly before the recent jump in the price of Bitcoin. Therefore, it might be worth watching out for a breakout in MACD as it can bolster a bullish case in the short term. However, we think that beyond the short term, Filecoin will be exposed to the pressure of growing Bitcoin’s dominance, likely putting a lid on its price. Illustration 1.01 Illustration 1.01 shows the daily chart of Filecoin in USD and simple support/resistance levels. Technical analysis gauge Daily time frame = Slightly bullish Weekly time frame = Neutral *The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
COINBASE:FILUSD
by Tradersweekly
7
Filecoin Play Wisely- Everything is in graph. - Always follow TheKing movements first. - Setup a retracement zone to rebuy. - Setup a breakout buying zone. - Don't stay always in markets, you are in danger when you are in active trading mode. - There's some momentums to trade and sometimes there's nothing to trade. - Sometimes better not trade and just watch. - Use price action only. - Setup your own SL RR. - Don't be greedy. - Keep everything simple as possible. Happy Tr4Ding !
KRAKEN:FILUSD
by thecryer
12