Filecoin: Investors should consider these metrics before calling the FIL

  • Filecoin’s RSI was overbought, but some indicators were bullish.
  • On-chain FIL metrics also told a mixed story.

January 17, Masari open that filecoin [FIL] It has become the cheapest decentralized storage network. To be exact, it was 99% cheaper than Amazon at the time of publication. Not only that, but Filecoin’s weekly chart was bullish as it posted huge gains.

Read filecoins [FIL] predict the price 2023-24

to me CoinMarketCapFIL price is up 26% in the past 7 days and stands at $4.72 with a market capitalization of over $1.69 billion at the time of writing. But things may change soon when CryptoQuant’s data indicated a major bearish signal that is likely to halt the FIL rally.

Is the price drop inevitable?

Filecoin market indicators told a conflicting story, with some of them being bearish while others hinted at a possible continuation of the bullish trend in the coming days. For example, the range exponential moving average (EMA) showed a bullish crossover when the 20-day EMA reversed the 55-day EMA.

The MACD reading has completed the EMA bar reading, revealing a bullish feature in the market. There was another bullish sign files Chaikin Money Flow, which scored high. But the Money Flow Index (MFI) was overbought, which can be annoying.

Source: TradingView

with you 1,10,100 fils in today’s value?

Caution is advised

Like market indicators, on-chain measurements have also suggested that FIL price could move in either direction in the coming days. Positive sentiment regarding FIL decreased slightly over the past week, which wasn’t a good sign. fileVolume has also decreased in recent days, which is another negative sign.

The optimistic thing is that FIL development activity has increased. In addition, Binance’s FIL funding rate has increased recently, which reflects its demand in the derivatives market. At the time of publication, the social size of FIL has remained constant, which indicates that the token has remained a topic of discussion within the crypto community.

Source: feeling

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