Filecoin (FIL) has been facing a long-term downtrend, marked by wavering buyer confidence and a series of concerning technical indicators. A recent price analysis reveals a bearish order block at $3.6 on FIL’s one-day chart, with a closely tested liquidity zone at $3 over the past month. This downward trend has persisted since early August, as evidenced by a sequence of lower highs and lower lows.
On the weekly chart, two key levels have held significant sway over FIL’s fortunes since June 2022. The resistance at $4.8 and the support at $2.42 have acted as formidable barriers and lifelines, respectively.
Analysis suggests that a breakthrough above the $4.8 resistance could signify the first step toward establishing a long-term uptrend. Furthermore, the presence of a bearish