The situation on the Filcoin market, one of the most interesting DeFi projects, has become quite tense. The triumphant FIL price growth lasted from January to April 2021. During this time, investors who bought FIL in January could increase their deposit by 1000%.
Though, all those who did not have time to enjoy a short moment of frantic FILUSDT growth, during the last month and a half were stressful. If we look at the FIL price daily chart, it becomes clear the risks that investors can expect:
As we see, the FIL market is stuck in a triangular consolidation. However, the chart shows that the triangle has a flat base, which buyers are always desperately trying to protect.
Disaster in FIL Market to Start Below $134
The important liquidity zone for buyers is in the range of $134-140. Every attempt of buyers to launch a counterattack after the test of $134-140 looks weaker. At the moment, the trend lines of the triangle are so close to each other that by the end of the week we expect a powerful shot in the FIL market.
Given that sellers are purposefully, calmly and slowly pushing the price to a critical point and confidently keeping their trend line, we tend to believe that the momentum will be down. The first serious target of buyers in this scenario is in the range of $88-95.
If we analyze the FILBTC chart, we see that the trading price range within the consolidation is much higher:
The FILBTC price chart is not comforting
However, the FILBTC price also on a knife-edge with a hint of a continued correction in the form of a powerful fall impulse. Given the variability of the situation in the BTC market and its weakening in both trading volumes and impact, there is a high probability of a strong correction in the entire crypto market.
At the moment, it seems that the present time is the time of completion of the last growth waves of coins, which are slightly behind the entire crypto market.
In any case, there must be an alternative scenario during consolidation. The signal of such a scenario in the FIL market will be the price fixing above the mark of $155:
If buyers manage to get out of the triangle up and keep this mark, we will consider this coin to buy in the medium term.