Filecoin price skyrockets 50% but FIL faces massive profit-taking


  • Filecoin price had a 52% breakout thanks to a new product launch support FIL by Grayscale.
  • A key indicator has presented several strong sell signals for Filecoin.
  • The digital asset is poised for a significant correction in the short-term.

Filecoin had an explosive 52% breakout after Grayscale announced the launch of five new products that included FIL to enable institutional investors to buy the digital asset. However, many indicators show the asset faces robust selling-pressure.

Filecoin price primed for a pullback

Filecoin is facing a ton of pressure in the short-term as the TD Sequential indicator has presented a sell signal on the 6-hour chart and will mostly do the same on the 9-hour chart.

fil price

FIL Sell Signals

On top of that, the indicator has also just presented a sell signal on the weekly chart, which has more weight. After a massive 50% breakout, Filecoin price is primed for a pullback down to at least $80 at the 78.6% Fibonacci level. Losing this point would drive Filecoin down to $67.28% at the 61.8% Fib level.

fil priceFIL/USD daily chart

To invalidate all sell signals, Filecoin price needs to see a new high above $96.66. A breakout above this key point will confirm another bullish break that can potentially drive Fielcoin towards $117.59 at the 127.2% Fibonacci level. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto bulls on winning streak pushing for more

Bitcoin price jumped this week after a shift in sentiment on Thursday when global equities went back in the green and investors favored riskier assets like cryptocurrencies. 

More Bitcoin News

Binance support for Polkadot parachain auctions could send DOT to new all-time high

At the Sub0 Conference representatives of Parity Technologies, DOT founders Gavin Wood and Robert Habermeier, confirmed that Polkadot is now ready to implement parachains, auctions and crowd loans on its blockchain network. 

More Polkadot News

XRP price awaits for volume to skyrocket to $2

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate how Ripple bulls take control.

More Ripple News

Shiba Inu whales buy the dip after SHIB loses $600 million in market cap

Shiba Inu concluded a massive rally, and SHIB price plunged on October 14. Proponents were awaiting a Dogecoin flippening, however, SHIB dropped to 14th rank by market capitalization soon after. 

More Shiba Inu News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP