At the time of writing, the RSI fluctuated below the 50 mark since 20 March, showing limited buying pressure. Similarly, the accumulation/distribution indicator fluctuated in the same period, indicating equal buying and selling pressure that set FIL into a sideways structure.
In addition, the 200 EMA formed a straight line in the past few days, suggesting a likely extension of the mid/long-term consolidation phase. As such, FIL could continue to oscillate between $5.345 and $5.930, and investors could continue to target the range boundaries for gains. A close below the channel’s mid-level of $5.635 could push FIL toward the lower boundary of $5.345, especially if BTC drops below $28K. But a surge above the bearish order block of $5.800 will invalidate the bearish thesis.
In an upswing scenario, FIL could retest or break above the range upper boundary of $5.930, especially if BTC reclaims the $29K level. In addition, a bullish breakout could tip bulls to target $6.5.According to Santiment, FIL’s development activity has declined since mid-March. The weighted sentiment followed suit, as investors’ confidence tanked following reduced building on the network.
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