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Filecoin [FIL] Price Predictions: Consolidation in Narrow Range, OI Dips

• Filecoin [FIL] has been consolidating in a narrow range of $5.345 – $6.000 since the end of March, following Bitcoin’s [BTC] lead.
• The long/short ratio and declining open interest rate suggests that sellers may be able to break through the mid-level of $5.657 and the ascending trendline (white).
• Investors should track BTC’s price action before making moves as a bullish breakout above $6.000 may occur if BTC reclaims $29k and surges into the $30k zone.

Filecoin Consolidating Near Range High

Filecoin [FIL] has been consolidating in a narrow range of $5.345 – $6.000 since the end of March, following Bitcoin’s [BTC] lead. The range trading followed Bitcoin’s [BTC] lead with BTC consolidating between $26.8k and $28.8k since then as it failed to break above $30k triggered pullbacks across several altcoins, FIL included. This shows traders were not vacating their positions expecting an upswing in the near future.

Sellers May Take Control

On the daily chart, indicators like 200-day MA (Moving Average) and 20-day EMA (exponential moving average) were seen parallel and chalked straight lines – indicating a likely extended consolidation in short term or mid-term periods while RSI fluctuated near equilibrium level as did OBV (On Balance Volume). Moreover, Average Directional Index (ADX) declined further reinforcing a retracement or consolidation which could push FIL attempt to retest range lower boundary at around$ 5.345 if sellers clear hurdles at mid level of$ 5657 & Ascending line(white). Further drop below Parallel channel(orange) could slow down near 200 day MA(blue line).

Open Interest Rate & Long/Short Ratio

Exchange FIL long/short ratio from 12 hour frame showed sellers having upper hand which could tip them over mid level of$ 5657 & Ascending line(white). In addition Open Interest rate has slightly declined since 8 April indicating outflow money from FIL futures market capturing underlying bearish sentiment for asset in mid term period .

Bullish Breakout Possible

However investors must track BTC’s price action before making any moves as Bullish breakout is possible above 6K if BTC is reclaimed at 29K zone & surge into 30K zone providing immediate bullish target for upswing at 6500 & 7200 respectively .

Disclaimer

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