FILE Price Teeters on Support as Smart Money Accumulates
FILE's price has been stuck below various moving averages and is currently hugging its Bollinger lower band at $0.70, indicating a lack of momentum in the market. The token's trading volume on Binance is low, with barely $4.85M in spot volume over the past 24 hours, which suggests that there may not be enough liquidity to support a significant price move.
The macro narrative for decentralized storage has been lacking fresh catalysts, and FILE's price has been steadily declining since its peak. Analyst targets vary widely, with CoinCodex predicting a target of $0.8727 by year-end and CoinPriceForecast setting a more conservative target at $0.70.
Despite the bearish technical indicators, such as the MACD histogram showing flatlined momentum and the RSI knocking on the oversold door, there are signs that smart money is accumulating FILE. The top traders' net long position stands at 61.6%, which is higher than retail's 55.8% long position.