FIL is a decentralized storage system. It was started to provide a peer-to-peer storage network. The project was described in 2014 as a “storage for humanity’s most important information and raised $205 via Initial Coin Offering (ICO) in 2017. The following FIL technical analysis will predict the price trends for the next few days:

Past Performance

On May 26, 2021, FIL opened at $72.29. On June 1, 2021, FIL closed at $69.21. Thus, in the past week, the FIL price has decreased by approximately 4.26%. In the last 24 hours, FIL has traded between $68.10-$72.26.

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Day Ahead And Tomorrow

Currently, FIL is trading at $68.95. The price has decreased from the day’s opening price of $71.65. Thus, the market gives a bearish outlook.

The MACD and signal lines are currently at the zero range. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, on the 4-hour timeframe, the FIL price may decline further and take support at $67.96.

Currently, the RSI indicator is at 47%. It faced rejection at 49.97% and dropped to this level. Thus, selling pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

In short, when we look at both the oscillators, we can say that the FIL price may continue to fall. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

FIL Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $71.80. If the bears remain strong till day end, then the price is likely to fall below the first and second support levels of $68.86 and $57.30, respectively.

The price has been tested and fallen below the 38.2% FIB retracement level of $71.80. It may soon fall below the 23.6% FIB retracement level of $68.86. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.