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Crypto

Filecoin Trapped in Bearish Compression at $0.71

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FIL
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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.

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