Volume anomaly:
978 million FIL traded on Binance in a single monthly session, exceeding the entire circulating supply (721M).
This suggests high-frequency trading, derivatives activity, aggressive positioning or wash trading.
Technical Picture:
Descending channel intact, with price still compressed near the lower boundary.
Rejection at 50 EMA ($1.85), now acting as strong dynamic resistance.
Price holding above key support at $1.48, aligning with recent demand zone.
MACD is flat but gradually recovering – early signs of momentum shift.
RSI at 45, showing low momentum, but divergence from price may indicate hidden strength.
Fibonacci Structure:
0.236 Fib at $2.24 is still the key upside pivot to watch for any breakout.
Downside risk remains capped as long as price holds above $1.48.
Conclusion:
Despite volatility, extreme volume implies something is building behind the scenes. Watch for a breakout above $1.85–$2.24 for confirmation. Until then, FIL remains in a consolidation phase near support, offering potential accumulation opportunity with measured risk.
978 million FIL traded on Binance in a single monthly session, exceeding the entire circulating supply (721M).
This suggests high-frequency trading, derivatives activity, aggressive positioning or wash trading.
Technical Picture:
Descending channel intact, with price still compressed near the lower boundary.
Rejection at 50 EMA ($1.85), now acting as strong dynamic resistance.
Price holding above key support at $1.48, aligning with recent demand zone.
MACD is flat but gradually recovering – early signs of momentum shift.
RSI at 45, showing low momentum, but divergence from price may indicate hidden strength.
Fibonacci Structure:
0.236 Fib at $2.24 is still the key upside pivot to watch for any breakout.
Downside risk remains capped as long as price holds above $1.48.
Conclusion:
Despite volatility, extreme volume implies something is building behind the scenes. Watch for a breakout above $1.85–$2.24 for confirmation. Until then, FIL remains in a consolidation phase near support, offering potential accumulation opportunity with measured risk.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.