Filecoin Trapped in Bearish Compression at $0.71
The price of Filecoin (FILE) has been stuck in a bearish compression at $0.71, with multiple moving averages overhead acting as a ceiling.
This setup is unfavorable for bulls, as only one major moving average, the SMA 7 at $0.70, supports the current price level.
The MACD histogram is at absolute zero, indicating a lack of momentum and no bullish crossover in sight.
Technical analysis suggests that a flush to the $0.68 support zone is likely before any credible recovery attempt.