![Filecoin [FIL] hits a familiar roadblock – Bulls can re-enter here](https://i.headtopics.com/images/2023/7/15/cryptoamb/filecoin-fil-hits-a-familiar-roadblock-bulls-can-r-filecoin-fil-hits-a-familiar-roadblock-bulls-can-r-1680073453863329793.webp)
FIL has hit a crucial roadblock which could force bulls to seek re-entry elsewhere if BTC falters further. Bulls can consider these areas ...
graced a new high on 13 July but eased at the time of writing, threatening to drop below $30k. However, bulls have defended the $30k for a while and could come through again.From the chart technical indicators’ point of view, a price pivot was likely. The Relative Strength Index and On Balance Volume registered downticks, suggesting that buying pressure and demand eased slightly.
On the price chart, the four-hour showed that FIL was in familiar territory – a bearish order block of $4.74 – $5.20 on the daily chart . FIL was rejected at the bearish OB in early July, dragging it to the ascending trendline support . If the trend repeats, FIL could drop to the ascending trendline support. In addition, a price imbalance, the Fair Value Gap of $4.28 – $4.43 , borders the trendline support. So, the confluence area could be a crucial bullish zone.
A positive price reaction at the above bullish zone could set FIL to retest the bearish OB of $4.74 – $5.20 and offer a good risk-reward ratio.Open Interest rates steadied, but …On Coinalyze’s one-hour chart, the Open Interest rates jumped from $80 million to $90 million during the massive price pump in the past few hours. However, the OI steadied around $90 million, showing demand steadied after FIL hit the roadblock below $5.0.
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