Filecoin's former support at $4 was unable to withstand seller pressure last week, and further losses are expected due to imbalances on the chart. The USDT dominance continued to rise as investors turned to stablecoins amid market fear, and the US SEC's legal action against Binance led to crypto outflows across exchanges.
Filecoin has experienced a significant drop in value, with a continuation of the downtrend likely to push prices below $3. The futures market has seen discouraged bulls and bearish sentiment, with plunging open interest and a negative funding rate.
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