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Filecoin [FIL] rejected at $6.5; investors can seek gains at these levels

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Filecoin [FIL] faced price rejection at the local overhead resistance level of $6.5. The rejection is unsettling as it limits FIL’s capacity to recover mid-March losses.

Filecoin [FIL] rejected at $6.5; investors can seek gains at these levels

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

  • FIL was neutral at press time. 
  • Development activity improved slightly; the funding rate remained positive.

Filecoin [FIL] weekly and daily charts were red at press time. On the weekly front, FIL lost over 3%, and the depreciation increased in the past 24 hours – shrinking by over 7%. 

At press time, FIL broke below a key confluence support area near $6 and the 200-MA (Moving Average) of $5.728, reinforcing increasing sellers’ influence in the market. 

Read Filecoin [FIL] Price Prediction 2023-24 

Meanwhile, Bitcoin [BTC] oscillated between $29.2k – $31k and faced elevated short-term selling pressure. If the selling pressure persists, FIL could drop to lower support levels and offer more buying opportunities. 

More price dump or a rebound for FIL?

Source: FIL/USDT on TradingView

A key support area of $6.0, a former range’s upper boundary lined up with 50-EMA (Exponential Moving Average), was breached at press time.

Similarly, bears retested the range’s mid-level of $5.636, sinking FIL below the long-term trend of 200-MA. It shows sellers gained more market influence and subdued bulls. 

Any extended downtrend below the range’s mid-point of $5.636 could slow at the range’s lower boundary of $5.33. The $5.33 could offer an ideal buying opportunity, especially if FIL rebounds and retest the range’s boundary of $5.92 or the recent price ceiling of $6.445.

In the event of an extreme drop and breakout below the channel, the $5.00 could check the downtrend. 

A close above the $6.445 price ceiling will show bulls have gained market influence. Such an upswing could tip FIL to zoom into the $7 psychological level, with immediate targets at $7.00 and $7.50.    

Notably, the RSI and OBV had downticks – a dip in buying pressure and demand, respectively. But the stochastic RSI had hit the oversold zone, indicating a likely price reversal was imminent. 

Development activity and sentiment improved

Source: Santiment

Is your portfolio green? Check FIL Profit Calculator

FIL’s development activity hit rock bottom around 13 April but improved afterward. Similarly, weighted sentiment declined but later improved as development activity recovered. However, the sentiment remained negative – a bearish outlook. 

On the other hand, the funding rate was still positive, at the time of writing, which could offer bulls slight hope. But investors should track BTC’s price action for more optimized trade set-ups. 


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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