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Filecoin: Investors should consider these metrics before making a call on FIL

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Filecoin: Investors should consider these metrics before making a call on FIL
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  • Filecoin’s RSI was in an overbought position, but a few indicators were bullish. 
  • FIL’s on-chain metrics also told an ambiguous story. 

On 17 January, Messari revealed that Filecoin [FIL] had become the cheapest decentralized storage network. To be precise, it was 99% cheaper than Amazon at press time. Not only this, but Filecoin’s weekly chart was bullish as it registered massive gains.

Read Filecoin’s [FIL] Price Prediction 2023-24

According to CoinMarketCap, FIL’s price increased by 26% in the last seven days, and was priced at $4.72 with a market capitalization of over $1.69 billion at press time. However, things might change soon as CryptoQuant’s data pointed to a major bearish signal that had the potential to halt FIL’s bull rally. 

Is a price plummet inevitable? 

Filecoin’s market indicators told an ambiguous story, as some of them were bearish while others suggested the possibility of a continued uptrend in the coming days. For instance, the Exponential Moving Average (EMA) Ribbon displayed a bullish crossover as the 20-day EMA flipped the 55-day EMA.

The MACD’s reading complemented that of the EMA Ribbon, revealing a bullish advantage in the market. Another bullish signal was FIL’s Chaikin Money Flow, which registered an uptick. However, the Money Flow Index (MFI) was in the overbought zone, which might be troublesome. 

Source: TradingView

How much are 1,10,100 FILs worth today?

Caution is advised 

Like the market indicators, on-chain metrics also suggested that FIL’s price might head in any direction over the days to follow. Positive sentiments regarding FIL went down slightly over the last week, which was not a good signal. FIL’s volume also declined in the last few days, yet another negative sign.

The optimistic part was that FIL’s development activity increased. Moreover, FIL’s Binance Funding Rate spiked lately, reflecting its demand in the derivatives market. At press time, FIL’s social volume remained consistent, showing that the token remained a topic of discussion within the crypto community. 

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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