FIL Price Prediction: Correction Phase Over? Pending buy signal on $FIL daily chart. • – 72.5% correction over 118 days• Price was oversold• Reversal candle• Breakout of downward trend line

FIL has declined by 63% since mid-March, slipping below the key moving averages. In the first 4 days of July, Filecoin declined by 26% with a directional move. However, the price chart displayed a V-shaped recovery and recovered recent losses.

Filecoin (CRYPTO: FIL) price displayed a directional move in the first 4 days of July, slipping below the key moving averages. The digital asset price triggered a breakdown after consolidating for 2 weeks in a narrow range. However, FIL price bounced back, forming a bearish candlestick pattern.

RISKY PLAY: A recent analysis by a source on X highlighted that Filecoin crypto has been in a correction phase for 118 days, showing a -72.5% correction. The price has broken out from the trendline and crossed above the 20-DMA.

pending buy signal on $FIL daily chart.

– 72.5% correction over 118 days

– Price was oversold

– Reversal candle

– Breakout of downward trend line pic.twitter.com/QA2iRQr73a

Filecoin price slipped below the 200-day EMA and closed the previous week’s candle with an intraweek lower low. This bearishness was countered by a strong buying pressure at crucial levels, which led to a bearish engulfing rejection.

At press time, Filecoin was being traded at $4.32 with an intraday loss of 2.86%. The market capitalization was $2.46 Billion and the 24-hour trading volume was $162.81 Million at the time of writing.

FIL formed a bearish engulfing candlestick pattern on the daily time frame in the previous consolidation zone. This might be a bearish sign and buyers may be in fear.

If the digital asset price slips below the 20-day EMA, sellers might get the opportunity to dominate. FIL is below the $4 mark, the bearish momentum may accelerate and the token may reach the last swing low.

On the other hand, if FIL manages to exceed the $4.50 hurdle, buyers may eye the 200-day EMA. Surpassing the 200-day EMA may result in a trend reversal and a bullish trend for a longer time can be seen.

Filecoin Price PerformanceFilecoin price has been neutral in the past year but has declined by 37.34% YTD. The crypto fell 28.71% in the past 3 months and 16.82% in the last 30 days. However, the price has performed positively on a weekly basis.

Trend Reversal After Breakout?Based on the technical analysis and indicators, it seems that the FIL price is currently at a crucial level of breakout, and whether a trend reversal is imminent remains to be seen. The correction phase that FIL has undergone may have come to an end, and the recent breakout could potentially signal a shift in momentum. Overall, the FIL’s ability to surpass the hurdles and sustain bullish momentum above key levels such as $4.50 and the 200-day EMA will be critical in determining the trend’s direction.

Filecoin crypto price is expected to face resistance from the $4.50 and $6.00 levels. The price may take support at $4.20 and $3.45 mark.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

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