The technical indicators of Filecoin and its price action showed a long-term downtrend was in progress and the buyers lacked conviction.
in the crypto space, which could be a positive for FIL long-term. However, the price action hinted at further losses throughout 2023.The weekly chart noted two levels of importance for FIL. The resistance at $4.8 and the support at $2.42 were levels that have been significant since June 2022. A breakout past $4.8 would be the first step in establishing a long-term uptrend, and the existence of a bearish breaker block on the 1-week timeframe from $4.6-$5.7 reinforced this idea.
The 1-day chart above showed a bearish order block at $3.6, and a zone of liquidity at $3 that has been tested multiple times over the past month. At the time of writing, the market structure was bearish due to the series of lower highs and lower lows since early August. The RSI showed bearish momentum with a reading of 31 and has been below neutral 50 since late July. The OBV has also trended downward since mid-July, showing consistent selling pressure. Taken together, it was likely that FIL would drop below $3 and move toward $2.4 in the coming weeks.Source:On 7 September FIL was trading at $3.25. The bulls continued to face resistance at the $3.25-$3.3 region till 9 September but the OI began to climb higher.
Their hopes were dashed on 10 September when prices plummeted to $3. The funding rate flipped negative in the past 12 hours, showing short positions formed the majority. The spot CVD continued to trend downward as well, signaling bearish pressure.
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