Category: Cryptocurrency News

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Bitcoin shorts start to suffer thanks to a $1,000 BTC price relief rally, but key resistance remains in place.

Filecoin (FIL) has been facing a long-term downtrend, marked by wavering buyer confidence and a series of concerning technical indicators. A recent price analysis reveals a bearish order block at $3.6 on FIL’s one-day chart, with a closely tested liquidity zone at $3 over the past month. This downward trend has persisted since early August, as evidenced by a sequence of lower highs and lower lows. On the weekly chart, two key levels have held significant sway over FIL’s fortunes since June 2022. The resistance at $4.8 and the support at $2.42 have acted as formidable barriers and lifelines, respectively.  Analysis suggests that a breakthrough above the $4.8 resistance could signify the first step toward establishing a long-term uptrend. Furthermore, the presence of a bearish breaker block in the 1-week timeframe, spanning from $4.6 to $5.7, reinforces this notion. Related Reading: Massive PEPE Token Dump: Whale Unloads 762 Billion At Loss As Price Wobbles Filecoin Bearish Signals Abound The same analysis highlights that technical indicators have been unforgiving for FIL, with both the On-Balance Volume (OBV) and Relative Strength Index (RSI) painting a grim picture. The OBV has been in a consistent downward trajectory since mid-July, indicative of sustained selling pressure.  FIL market cap currently at $1.3 billion on the daily chart: TradingView.com Meanwhile, the RSI exhibits bearish momentum, recording a reading of 31 and consistently residing below the neutral 50 mark since late July. These combined signals strongly suggest that FIL may experience a drop below $3 and trend towards $2.4 in the weeks ahead. As of the time of writing, the current CoinGecko price for Filecoin (FIL) stands at $3.04. Over the past 24 hours, FIL has experienced a decline of 1.7%, while the seven-day period has seen a slump of 4.3%. These recent declines add to the challenges that FIL has been facing in its price action. Filecon seven-day price movement. Source: Coingecko Investor Perspective: A Silver Lining For Filecoin Despite the prevailing challenges, some seasoned investors are turning their attention to Filecoin. A report cites Filecoin’s unique value proposition, an accomplished team, and an incentivized mechanism as reasons for optimism. Filecoin, as a decentralized data storage system, allows users to securely store and retrieve data in a decentralized manner. Its expert team is committed to ensuring its continued development and success. Moreover, the incentive mechanism rewards users with FIL tokens for sharing their storage space, fostering a robust and self-sustaining ecosystem. Filecoin’s technical indicators may currently signal a challenging road ahead, with a downtrend seemingly in progress. However, some investors remain undeterred, recognizing the project’s unique strengths and the potential for a brighter future. As the cryptocurrency market is ever-volatile, only time will reveal whether Filecoin can overcome its current obstacles and thrive in the long run. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from CryptoSlam

The DeFi Education Fund says a patent owned by True Return Systems is being used to try to profit from lawsuits against decentralized protocols.

Sandbox co-founder Sebastian Borget says the metaverse sector is thriving in Hong Kong, Korea, and Japan.

A total of $4.8 million in funds have now been moved by the hacker to Bitcoin and now Avalanche.

Banana Gun’s newly launched token plummeted more than 99% within three hours of its launch after a bug was discovered in the token’s contract.

Bitcoin Cash price is holding the key $180 support against the US Dollar. BCH seems to be aiming for a fresh increase toward the $205 and $220 levels. Bitcoin cash price is showing positive signs above the $180 level against the US Dollar. The price is trading below $200 and the 100 simple moving average (4 hours). There was a break above a major bearish trend line with resistance near $189 on the 4-hour chart of the BCH/USD pair (data feed from Kraken). The pair is likely to accelerate higher if it clears $197 and $200. Bitcoin Cash Price Aims Higher In the past few days, Bitcoin Cash price saw a steady decline below $205. BCH even traded below the $195 level, but the downsides were limited compared to Bitcoin and Ethereum. The price remained well-bid near the key $180 support. A low has formed near $180 and the price is now attempting a fresh increase. It broke the $185 level. There was a break above a major bearish trend line with resistance near $189 on the 4-hour chart of the BCH/USD pair. The price is now testing the 23.6% Fib retracement level of the downward move from the $238 swing high to the $180 low. However, Bitcoin Cash is now trading below $200 and the 100 simple moving average (4 hours). Immediate resistance is near the $197 level and the 100 simple moving average (4 hours). The next major resistance is near $205 or the 50% Fib retracement level of the downward move from the $238 swing high to the $180 low. Source: BCH/USD on TradingView.com Any further gains could lead the price toward the $220 and $225 resistance levels in the near term. The next major hurdle is near the $240 level. Dips Supported in BCH? If Bitcoin Cash price fails to clear the $205 resistance, it could start a fresh decline. Initial support on the downside is near the $185 level. The next major support is near the $180 level, where the bulls are likely to appear. If the price fails to stay above the $180 support, the price could test the $168 support. Any further losses could lead the price toward the $150 zone in the near term. Technical indicators 4-hour MACD – The MACD for BCH/USD is gaining pace in the bullish zone. 4-hour RSI (Relative Strength Index) – The RSI is currently above the 50 level. Key Support Levels – $185 and $180. Key Resistance Levels – $197 and $205.