Filecoin price might stumble again into a 20% downswing

  • Filecoin price has formed a bear flag on the 4-hour chart.
  • The digital asset must stay above a crucial support level to avoid a 20% drop. 
  • The long term view remains heavily bullish for Filecoin.

Filecoin had a major drop in the last three days but has managed to stay above several crucial support levels. 

Filecoin price must defend key support level

On the 4-hour chart, Filecoin price has formed a bear flag which could see a breakdown at any point. A 4-hour candlestick close below $150 would confirm it and has a 20% price target down to $120.

fil price

FIL/USD 4-hour chart

Considering the recent downtrend, this seems like a fairly likely scenario and would invalidate the bull flag formed on the daily chart since months ago. 

To confirm a breakout from the daily bull flag, FIL must see a daily candlestick close above $185. This pattern has a long term price target of $300.

fil price

FIL/USD daily chart

However, the digital asset will pause at $200 at the 78.6% Fibonacci retracement level and the previous high of $238. 

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