Filecoin price analysis: FIL expected to break below support at $13.6

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.

Timeline of Filecoin

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.