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Filecoin Price Correction Signals Bearish Market Trend
Filecoinโs price, like many altcoins, is facing a potential downturn due to bearish market signals. Investors are showing decreased interest and inflows, which could contribute to a price decline. Letโs explore the latest developments impacting Filecoinโs price:
Filecoin Loses Its Supporters ๐
- The price of Filecoin dropped from $10 to $5.9 within a month, causing significant concerns among investors.
- The derivatives market data reveals a sharp decline in Open Interest (OI) by over 50% in just four days.
Market Participation and Liquidity Impact ๐
- Open Interest plummeted from $371 million to $186 million, indicating a retreat by investors holding put and short contracts.
- This decline is primarily driven by long traders who are wary of volatility in the market.
Falling Long Contracts Signal Pullback ๐
- Approximately $31 million worth of long contracts were liquidated in the last four days, signaling a shift in sentiment among bullish traders.
- Anticipated pullback from traders expecting a price surge may impact Filecoinโs market trajectory.
FIL Price Prediction Indicates Possible Multi-Month Low ๐
- If Filecoinโs price breaks below the $5.6 support level, it could drop to a low of $4.6, the lowest point since December 2023.
- However, a rebound from $5.6 could lead to a bullish scenario, with Filecoin surpassing $6.3 and potentially reaching $7.
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