FIL could present a buying opportunity if it tests the $3 support
On September 21, Filecoin fell below the dollar 3.3 level. The short-term outlook has turned bearish. But on longer time frames, a clear trend is unclear for this altcoin. It is difficult to predict that this trend will change in the near future. In the broad scheme of things, two main regions stand out for FIL. These zones are critical for swing traders. We can view price movements as a range. So what does it take for a bullish comeback?
On August 17, FIL fell to 3.03 dollars. This level was tested again on September 11. However, the 12-hour session did not close below 3 dollars. The price fell to $2.95 and then a bullish reversal occurred.
Status of technical indicators: Altcoin investors pay attention to these levels
FIL’s 12-hour chart structure appears bearish. However, the limited movement in the last month shows that this trend is weak. There is a bullish order block between $2.95-$3.07. There is also a bear order block between $3.49-3.55. Also, the RSI is below neutral 50. This indicates that the bears have an advantage. OBV is at resistance. If there is a breakout, it will be a positive signal for buyers.
Status of open interest
Open Interest (OI) has decreased in recent weeks. On August 17-20, the altcoin fell below $3.6. This created the bear order block. Since then, OI has remained calm. However, on some days, remarkable movements emerged. We can say that investors are not yet ready to invest aggressively in Filecoin. If the dollar sees a breakout at 3.6, an increase in OI is more likely.
Between August 17 and 20, Filecoin fell below $3.6 and retested the same area as resistance, forming a bearish order block. Since then, Open Interest (OI) has remained under pressure. However, it saw significant increases over several days.
On the other hand, we can infer from OI that speculators are not yet ready to bet aggressively on Filecoin. A break above $3.6 will result in an increase in OI. However, this may take days or weeks to happen. Meanwhile, altcoin investors may consider trading in this range.
There is important news from Filecoin
cryptokoin.com As we reported, Filecoin was on more than one bull list this week. The altcoin is currently trading close to critical supports. Today Filecoin (FIL) price reached $3.19. This indicates a price drop of 0.83% in the last 24 hours and specifically a price drop of 5.09% in the past 7 days.
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