The Filecoin price chart shows a bearish harami setup formed by the Monday and Tuesday candles. This scenario has raised bearish Filecoin price predictions, mirroring the ongoing market sentiment.
Sentiment around cryptocurrencies remains sour following the onslaught by the Chinese authorities. As the clampdown on crypto trading, mining and transactions continue, e-commerce company Alibaba has banned mining rig advertising.
This Tuesday, Chinese users complained that they no longer have access to crypto information/news sites such as CoinGecko, CoinMarketCap and TradingView. This clampdown is in addition to the delisting of Chinese trading accounts by Huobi and Binance. The Binance app is no longer available for download in China.
Filecoin is feeling the pinch, and it is presently down 5.78% on the day.
The intraday decline needs to extend below Monday’s low to have a chance at attaining the low of Sep. 26 at 50.566. Presently, this has to follow the formation of an outside day candle to confirm the present bearish harami picture. A continued decline which takes out 50.566 targets 40.063 (Jul. 21 low), before 32.186 (Feb. 23 low) comes into the picture.
On the flip side, a bounce at 50.566 allows the bulls to push the price action towards 65.794. However, additional bullish momentum is needed to overcome this resistance barrier so that 78.922 comes into the picture. If the price continues its recovery, 97.827 forms the next barrier before 110.504 becomes available.
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