The post Filecoin (FIL) Struggles at $2.38 as Bears Test Critical Support Levels appeared on BitcoinEthereumNews.com.

Caroline Bishop
Aug 07, 2025 05:38

FIL trades at $2.38 (+1.54%) after breaking key support, with technical indicators showing mixed signals and bearish momentum dominating recent price action.

Quick Take • FIL currently trading at $2.38 (+1.54% in 24h) • Filecoin’s RSI at 43.35 suggests neutral momentum despite recent bearish pressure • Multiple support breaks over past week signal continued downside risk What’s Driving Filecoin Price Today? Filecoin has experienced a turbulent week, with the FIL price showing signs of recovery today despite underlying bearish sentiment. The recent 1.54% gain brings some relief after a series of concerning developments that have pressured the token lower. The most significant catalyst came on August 1st when Filecoin dropped over 6%, decisively breaking the critical $2.38 support level on high volume. This breakdown represented a major technical failure that shifted market sentiment decidedly bearish. The selling pressure continued into August 6th, when the FIL price declined another 2.77% to $2.32, confirming the support break and establishing a new lower trading range. Despite a brief 2% rally on July 31st when Filecoin successfully defended the $2.38 level, the subsequent breakdown has overshadowed this temporary strength. The high volume accompanying these declines suggests institutional selling pressure rather than mere retail profit-taking, making the recent support failures particularly concerning for bulls. FIL Technical Analysis: Mixed Signals Amid Bearish Momentum The current Filecoin technical analysis reveals a complex picture with competing signals across different timeframes. Filecoin’s RSI reading of 43.35 sits in neutral territory, suggesting the token isn’t yet oversold despite recent declines. However, this FIL RSI level indicates weakening momentum rather than bullish strength. The MACD indicator tells a more bearish story, with the main line at -0.0581 well below the signal line at -0.0276. The negative MACD…

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Filed under: News - @ August 8, 2025 7:25 pm