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๐Ÿ“ˆ Daily TA: Filecoin (FIL/USD) | 18-10-2020

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@cryptospa
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Hello, dear members of LeoFinance!

Today I will comment on the price chart of Filecoin (FIL/USD), a cryptocurrency that started to trade a few days ago.

So, FIL was listed on most of the exchanges on October 15th. When listed, during the first seconds there were some trades at the level of approximately $10 per one digital coin. But almost immediately the price skyrocketed and on some exchanges it surpassed $100, on others - $200 and even more:

But the hype lasted just for a few minutes and then the price of the token started to decrease. As can be seen in the chart below, in the 5-minute time frame (5M), FIL/USD has been in a downtrend since the very first day: Keeping in mind, that there is a downtrend, to be honest, I am bearish on FIL/USD in the near future. That's why I think that even if the price rebounds from the current level of $34.13 (according to TradingView), very soon a decline will start again and the price of the token may drop easily below $30 and reach approximately $20.

So, fellow LeoFinancier, what do you expect from FIL/USD? Do you think that the downtrend will continue or a trend reversal is just around the corner?


A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 14+ years, and as a cryptocurrency analyst for the last 3+ years.


Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency trades, investments and etc.


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