Filecoin [FIL]: Investors yowling ought to respect the law of opportunity

The crypto market crash of last week has affected every token present in the worst possible way. With plummeting prices and a slow road to recovery, most tokens are still struggling to reach their road to recovery.

Timeline of Filecoin

Filecoin price analysis shows that the price of FIL/USD has followed a downtrend in recent days. The cryptocurrency has lost over 3% of its value since then, After a brief period of consolidation, the price is now currently at$8.74.

Filecoin price analysis is presently bullish as the coin price fluctuates around$8.67 after a bullish run yesterday. On the 4-hour chart, the bulls had taken control of the market as they pushed prices from $7.47 to break above the $8.00 resistance barrier.

Filecoin price analysis indicates a strong bearish movement for FIL prices as bears increase their grip on the market. Prices have set support at the $6.5 level and currently trading around $7.63, down by 30.13 percent in the last 24 hours.

After dwindling for over eight months, Filecoin (FIL) bears have denied any trend-modifying privilege to the buyers. With the current market structure undeniably being conducive for the sellers, the bears have entered into a price discovery to find newer lows.

Filecoin price analysis shows a negative market trend set for FIL prices after a period of a bearish run. Support for Filecoin prices is set at the $10.60 level after a bearish run seen in the market before prices corrected themselves.

Filecoin price analysis shows that the price of FIL/USD has followed a clear downtrend since hitting a high of $21.68 on April 19th. The cryptocurrency has lost over 50% of its value since then and is currently trading at $13.65.

Filecoin price analysis shows that the price of FIL/USD has followed a declining trend in the last 48 hours. The price has shifted towards an antagonistic movement, decreasing significantly, dropping from the $15.8 mark.

Filecoin (FIL) has lost most of its value in the last year since its April 2021 highs. In the last month, bulls finally managed to flip the six-month trendline resistance (white, dashed) to immediate support.

Bitcoin's reversal from its 4-hour 200 EMA at $42K pulled the world's largest digital asset back toward the $38,000 mark. As a result, the wider market saw 24-hour retracements that led NEAR, Monero and Filecoin's RSI to drop toward the oversold mark.