Filecoin (FIL) Declines 2% During Widespread Crypto Weakness
Filecoin decreased to one dollar and twenty eight cents on December 24. This happened because Filecoin was following what was going on with cryptocurrencies. There was not really any news about Filecoin. The price of Filecoin did not go below one dollar and twenty seven cents. This shows that what happens to Filecoin is closely related to what's happening in the rest of the market with other cryptocurrencies, like Filecoin.
The trading volume of FIL went up by 7 percent from what it is each week which shows that people are always interested, in FIL. FIL is still doing well. People are still trading FIL.
The price of the thing we are talking about did not go up or down much. It stayed much the same moving up and down by only $0.09. This happened after it tried to go higher, than the $1.35 level. It could not do that. The price of the thing we are talking about stayed within this range.
People who look at the numbers think that big orders are affecting the price of FIL, than the basic reasons that usually make the price of FIL go up or down. The price movement of FIL is really being influenced by these orders, not the fundamental drivers that you would normally expect to affect the price of FIL.
The market is not doing much it is trading within a range. We see increases in volume, which is a sign that people are buying and holding this is what we call accumulation. It does not look like people are taking positions in the market they are just accumulating the stocks. The trading is happening in a range and the volume is increasing a little this means that accumulation is happening instead of strong positioning, in the market.
The crypto market is not doing great. The CoinDesk 20 Index, which is a measure of how crypto is doing went down by 0.6%. This shows that people are being careful, with the crypto market now. The CoinDesk 20 Index is a way to see how the whole crypto market is doing.
People who trade with FIL will probably keep an eye on the $1.27 support level. They want to see if FIL can bounce back in the term. FIL traders are watching FIL to see what happens to FIL at this $1.27 support level.
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