- Filecoin trades near the middle of its downtrend channel, showing steady lower highs and lows since early July.
- Bullish MACD crossover and rising RSI support growing buying pressure, helping price stay above the $2.30 mark.
- Market cap bounced back from $1.45B low to $1.65B, showing renewed investor interest despite earlier declines.
Filecoin (FIL) is showing steady price movement within a descending channel.Its market cap rebounded sharply to $1.65 billion. Buyers are regaining momentum and traders are watching closely for a potential breakout that could define FIL’s market direction.
Filecoin Price Holds Within Descending Channel
Filecoin (FIL) keeps trading inside a clear descending channel on the 4-hour chart. The price moves between a strong upper resistance and lower support line, showing a consistent pattern of lower highs and lows. This channel has held firm since early July, pointing to ongoing selling pressure in the market.
The cryptocurrency currently trades near the channel’s mid-line after bouncing off the lower boundary. According to a recent tweet from Alpha Crypto Signal, as long as the mid-zone holds, FIL could push toward the channel’s upper resistance.
However, the overall trend remains bearish until FIL breaks above the channel’s top boundary. Key levels to monitor include the channel edges, where rejections near the top may present shorting opportunities, and sweeps near the bottom could indicate potential accumulation zones.
Recent Trading Activity and Technical Indicators
The 4-hour chart from Binance shows FIL trading around $2.39, having gained 2.27% in the last session. Volume recorded at 981.34K signals moderate buying interest during this upward movement. Green candlesticks dominate, reflecting consistent buyer activity after a recent bounce from the $2.20 support zone.
Source CryptoRank
Technical indicators show mixed signals for Filecoin. The MACD recently crossed bullish, with its line at 0.013 above the signal line at -0.011. The rising histogram reflects growing buying momentum.Right now, the RSI is at 56.86, climbing toward the upper neutral zone but hasn’t reached overbought levels yet. It recently moved above its moving average, indicating steady buying pressure without overheating.
Market Capitalization Trends
Between August 22 and August 28, Filecoin’s market cap showed notable ups and downs. It started near $1.60 billion, then dropped below $1.55 billion. On August 23, it jumped sharply to about $1.75 billion before gradually falling again.
By August 26, Filecoin’s market cap dropped to a weekly low of just over $1.45 billion. It then steadily climbed back to about $1.65 billion by August 28. This increase shows renewed interest despite ongoing market swings.
