Filecoin price action prints historic lows after 34% slide, with more all-time lows to come

Filecoin (FIL) price action is tanking massively today, currently down over 8%, after the FTX exchange implosion late last night triggered a 16% decline. For the week, including last Sunday, Filecoin price action is quoted 34% cheaper than last week. The alt currency is no match for the volatility of the US midterms and the tectonic shift that happened overnight when it turned out that FTX is not at all saved and the merger with Binance has no legal binding or support.

FIL price action pays the war bill  between FTX and Binance

FIlecoin price action is under siege alongside all other major cryptocurrency pairs from massive selling by investors. The already battered asset class will lose several hundred million or even another billion dollars in the market cap if this event takes price action another leg lower. This would mean that Filecoin price is at a new all-time low after a new one was printed on Tuesday at $4.23.

FIL price action saw a few bulls trying to reclaim this morning  to maintain the low of October 13. Once volume started picking up, however, the stops got hit by the bulls and inadvertently triggered even more selling, which explains the current 8% loss intraday. Should $4.23 be tested, expect to see a break with this time the S3 support at $3.60 becoming the end of the decline…. for now.

FIL/USD daily chart

Seeing these historic lows for FIlecoin price action, buyers are always more than happy to venture into a few trades to pick up these assets at sharp reductions. That would mean that, slowly but surely, price action would start to stabilize. With the Relative Strength Index near being oversold, more downside looks limited, and thus a small return to $4.72 looks granted.