Filecoin Experiences Sharp Sell-Off, Potential For Price To Drop Below $5

The bearish onslaught has taken a toll on the price of Filecoin, which slipped below the $6 mark, and the bears now have a strong foothold. On the one-day chart, Filecoin is showing consolidation with a loss of 1.1%. Over the last week, the coin has depreciated by nearly 17%.
The technical outlook for Filecoin indicates bearish pressure, with a drop in demand and accumulation. If sellers push further, it will add to the bearish pressure.Bitcoin’s struggle to stay above $30,000 has affected