Filecoin [FIL]: Unraveling the ramifications of an extended bearish rally - Aliens: AI Crypto News & Markets Updates
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Filecoin [FIL]: Unraveling the ramifications of an extended bearish rally

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AMB Crypto

Thu, May 26, 2022

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Aliens TLDR

As a result, FIL saw a pulldown toward its all-time low on 12 May. After gauging the current indications, the alt could continue its squeeze phase near its Point of Control (POC, red).

FIL Daily Chart Over the past eight months, FIL lost over 94.5% of its value and saw a fairly swift drop towards the $6-$7 range.

Despite jumping above the six-month trendline resistance, the bears quickly found fresher lows and pulled FIL below its current POC.

To add to this, with this fall, FIL fell towards its new all-time low on 12 May at the $6.7-mark.

Conclusion Taking a 360-degree view of the current scenario, FIL could see a short-term setback before the buyers step in at the $7-zone to overturn the POC.

Besides, looking at the contrasting divergences in RSI and CMF, FIL could extend its sluggish phase before a volatile break.

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