Filecoin Struggles at $3.00 Support Amid Bearish Trend

• Filecoin battles critical $3.00 support; a breakdown could push prices toward $2.50, while resistance at $4.30 limits recovery.
• MACD signals bearish momentum but hints at a reversal; a bullish crossover could ignite a rally if buyers regain control.
• RSI nears oversold at 34.50, suggesting weakening selling pressure; a move above 40 could trigger a trend shift upward.

Filecoin (FIL) shows signs of staying within a bearish market trend. The price level of this asset currently validates a strong support zone that spans from $2.90 to $3.00 while facing resistance between $4.20 and $4.30

According to Ali charts, Filecoin (FIL) continues to navigate a bearish trend, trading at $3.2478 after opening at $3.3117. The asset reached a daily high of 3.5359 before declining to a low of 3.1787. 

The weekly performance shows a 1.93% drop, reflecting ongoing selling pressure. The asset remains in a prolonged downtrend, reinforcing concerns over its ability to maintain support above key levels.

Support and Resistance Levels

Filecoin is testing a significant support zone between $2.90 and $3.00. Historically, this range has prevented further declines. 

If the price breaks below this level, a move toward $2.50 or lower is possible. An intermediate resistance zone exists between $4.20 and $4.30, frequently acting as a pivot area that limits upward movement.

Further resistance lies between $6.50 and $7.00, where price rallies have struggled in the past. The macro-resistance range, between $11.00 and $12.00, represents the last major peak before a significant rejection. A sustained recovery would require strong buying momentum to break these levels.

Trend and Indicator Analysis

MACD indicators support ongoing bearish forces because its lines currently sit at -0.459 and -0.468. The histogram points to a weak bullish trend, which implies a reduction in downward market forces. The MACD line crossing above its signal line generates an indication of a possible price increase.

The RSI stands at 34.50, approaching oversold conditions but not yet signaling extreme selling pressure. The RSI moving average is at 31.53. A rise above the 40-50 range could suggest a shift in momentum.

The Filecoin price has continued to fall since mid-2023 by creating successive lower highs and lower lows along its path. The price’s inability to maintain bullish levels between $4.20-$4.30 triggered additional downward pressure that strengthened the current bearish market direction.