Not all altcoins have recovered this season, there are DeFi and ERC-20 tokens that had a longer rally before the price of ETH hit a new ATH. There are more altcoins currently in the buy zone and then there are rally coins. The DeFi tokens recovering from the DeFi packaged decline in BTC are now recovering or preparing for a price rally as liquidity increases. Among other things, the price of FIL has fallen by over 12% in the last 24 hours.
The price of the token has fallen after a prolonged price rally and with trading volume falling nearly 40% in the past 24 hours, FIL’s price is likely to continue to decline before the recovery. Based on the most recent price movement over the past 30 days, FIL is currently in the buy zone.
The introduction of FIL on its platform by Grayscale had an impact on FIL’s price. However, as the trading volume has decreased, the price has decreased. There are fewer factors that add to the price of FIL, with more altcoin options for investing. FIL is unlikely to be offering double-digit returns for the next week. However, the purchase at the current price level is made with the long-term optimistic assessment.
While the current sentiment is bearish, it is largely bullish in the long run. Contrarians can book unrealized losses at the current price level and sell FIL for tokens that are currently in an upward trend. Another altcoin making its way into the top 10 is KLAY’s price, which has fallen over 3% in the past 24 hours. When the price falls, traders can pile up.
What is similar in the KLAY and FIL narrative is the expectation of another price correction before price begins an upward trend and retailers make profits. At this time, the volume on the spot exchanges does not indicate bullish sentiment and it is likely that there will be a further decline.
Similarly, altcoins like NEO and MIOTA have increased trading volume by 25%, and the increased trading volume can lead to a price spike. However, this may not be the case in every case. In the case of MIOTA, trading volume has decreased and accumulation may have already started. Altcoins like FIL, MKR, NEO and MIOTA start the price rally and there may be more wins the following week.
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