Filecoin [FIL] is ranked 31st on CoinMarketCap. It saw a 4.5% increase in trading volume in the past 24 hours. In the past 25 days, FIL has gained 36% in value. It climbed from $3.52 to $5.66 in three weeks before retracing to $4.7 at press time.
The former higher timeframe support was a resistance that bulls were fighting hard to conquer
The $4.61-$5.72 region was highlighted by a red box because it was a bearish order block on the one-week chart. This resistance zone has been in place since June.
In the past week FIL reached a high of $5.66, but was forced to retreat beneath the $5 mark.
The On-Balance Volume (OBV) also hit a ceiling and was unable to post new highs. Despite the strong bullish momentum in October and the first half of November, the bulls have been forced to retreat.
The Chaikin Money Flow (CMF) saw a huge dip but still showed a value of +0.09 to indicate buyers were strong.
The dip below $5 meant a revisit to the $4.22 local support level was a possibility. On the other hand, the $4.8 level was significant on the higher timeframes.
If the bulls can defend the $4.6-$4.8 region, another rally could commence.
The liquidation levels showed a sweep of $5.7 could be attractive to traders
AMBCrypto’s analysis of the liquidation levels heatmap revealed that a move to the $5.7 level was a strong likelihood.
Just over $300 million worth of liquidations could be triggered should Filecoin reach $5.71-$5.76, based on the one-month lookback period.
Is your portfolio green? Check the FIL Profit Calculator
After such a move, a reversal would be likely. The $5.7 area was still part of the weekly bearish order block.
- ZKS PREDICTION. ZKS cryptocurrency
- CETUS PREDICTION. CETUS cryptocurrency
- PLAY PREDICTION. PLAY cryptocurrency
- Will Chainlink become a top 10 crypto before 2023 ends?
- VLX PREDICTION. VLX cryptocurrency
- Is the SEC attempting to draw parallels between Binance and FTX?
- Bitcoin mining firm Phoenix Group delays share listing
- As Bitcoin Falls, Is Crypto Dead? Where Cryptocurrencies Might Go Next.