Analyzing Filecoin (FIL) Price: Assessing the Potential Hold or Fold at $5 Support
Filecoin (FIL) Analysis: Will $5 Support Hold or Fold?
Filecoin's price will likely continue its downtrend given the rise in bearishness among investors.
Filecoin Loses Its Supporters
Filecoin’s price fell from $10 at the beginning of the month to the market value of $5.9 today. The drastic correction seems to have spooked the investors considerably, given the significant losses. The derivatives market indicates a drop of over 50% in Open Interest (OI), reflecting reduced market participation and liquidity.
Read More: Filecoin Staking: How To Get Started
FIL Price Prediction: Multi-Month Low on the Cards
Filecoin’s price falling through the support of $5.6 will result in the altcoin falling to the low of $4.6. However, a bounce back could indicate a move towards $7, invalidating the bearish thesis and suggesting a potential recovery.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.