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Home»Altcoins»FIL could present a buying opportunity if it tests the USD 3 support. This is why…
Altcoins

FIL could present a buying opportunity if it tests the USD 3 support. This is why…

2023-09-26No Comments3 Mins Read
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Journalist

Posted: September 26, 2023

Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer

  • Filecoin is missing a strong trend on the 12-hour and daily charts
  • The price action based on a certain range showed traders in low-risk areas where they could buy and sell FIL

Filecoin [FIL] fell below the $3.3 mark on September 21 and the near-term price outlook turned bearish. Still, the higher timeframe price charts showed that the token did not have a strong upside over the past month.


How much is 1, 10 or 100 FIL worth today?


This lack of a trend was unlikely to change anytime soon. There were two areas of interest for swing traders to focus on and the FIL price action can be considered a range. What would it take to pull off a bullish breakout?

A sharp rebound from the $3 level marked some liquidity

Filecoin is stuck within a month with no breakout in sight

Source: FIL/USDT on TradingView

On August 17, FIL fell to $3.03, a level marked by the white dotted line. The same level was tested on September 11, but the price did not close the 12-hour trading session below the $3 mark, although it fell to $2.95 before a bullish reversal.

At the time of writing, FIL’s market structure on the 12-hour chart was bearish, but weak, given the price action within the range over the past month. There was a bullish order block at $2.95-$3.07. There was also a bearish order block spanning $3.49-$3.55. So these are the two regions where traders can look for longs and shorts respectively.

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The Relative Strength Index (RSI) was below the neutral 50, showing that bears had an advantage in terms of momentum. On-Balance Volume (OBV) saw local resistance, but a breakout would be encouraging for buyers, who may still wait for FIL to approach $3.

The Directional Movement Index (DMI) showed no significant progress. This emphasizes the reach-related nature of Filecoin since August.

There has been a clear decline in Open Interest in recent weeks

Filecoin is stuck within a month with no breakout in sight

Source: Mint glass

From August 17 to 20, Filecoin fell below $3.6 and retested the same region as resistance, forming the bearish order block. Since then, Open Interest (OI) has moderated, although there were clear spikes for a few days.


Realistic or not, here is FIL’s market cap in BTC terms


From the OI we can deduce that speculators were not yet ready to bet aggressively on Filecoin. A breakout past $3.6 could see OI rise, but this could take days or weeks to materialize. In the meantime, traders could try trading the range.

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#FIL buying opportunity Present Support Tests USD why..
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