Filecoin Price Analysis: FIL hangs at the edge of a cliff, while downswing to $58 lingers

Filecoin has incurred considerable losses from the all-time high traded at $97. The declines seem unstoppable, according to short-term analysis. A massive breakdown will come into play if FIL losses the immediate support at $73.

Filecoin on the verge of plunging to $58

Filecoin is trading at $74 while holding firmly to the 50 Simple Moving Average (SMA) on the 4-hour chart. Staying above this area would prevent FIL from dropping further. However, if this support is lost, the crypto asset may dive massively to seek support around $58, as highlighted by the 100 SMA.

The downtrend has been validated by the Relative Strength Index (RSI) on the 4-hour chart. This trend strength indicator has been on a downward roll since Filecoin’s breakdown from the all-time high.

FIL/USD 4-hour chart

Looking at the other side of the fence

The 4-hour SuperTrend indicator shows that Filecoin is not so deep in the woods. If the SuperTrend indicator stays green and below the price, FIL bulls will have ample time to plan the next attack mission on the resistance levels at $80 and $100, respectively.

FIL/USD 4-hour chart

Similarly, support at the 50 SMA on the 4-hour could play a key role in ensuring that losses to $58 are averted. A real break past $80 will crucially open the door for gains past the record high on the upside.