Filecoin (FIL) Slips Nearly 4% As New Allegations Of Fraud Emerge

The Filecoin token's (FIL) price has fallen nearly 4% in the last 24 hours, as its largest firm came under police investigation in China. Lai Chuhang, the boss of Shikongyun- Filecoin's largest firm, has been arrested by the Guangxi police on suspicion of fraud and organizing a pyramid scheme.

Timeline of Filecoin

Filecoin price analysis is presently bullish as the coin fluctuates around $8.16 after a bullish run yesterday. Support for Filecoin 's value has been found at the $7.94 mark, and this has resulted in a price increase of about 1.65 percent, and it looks like the bulls are gearing up for another attack on the.

Filecoin price analysis recently shows FIL prices have dropped below $10 after finding some stability around that price point for the past few days. The recent sell-off has taken FIL prices down to key support at $7.5, which is a level that has been defended multiple times over the past few weeks.

Filecoin price analysis is presently bullish as the coin fluctuates around $8.63 after a bullish run yesterday. Support for Filecoin 's value has been found at the $8.23 mark, and this has resulted in a price increase of about 1.73 percent, and it looks like the bulls are gearing up for another attack on the.

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.

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.