Altcoin News

Filecoin Price Analysis: FIL still holds $45, set to break lower overnight?

TL;DR Breakdown

  • FIL bounced from $45 support yesterday.
  • Market moves to break $45 again.
  • The next major support target is located at around $32.

Filecoin price analysis indicates bearish price action for the next 24 hours as a small retracement was seen overnight against the overall several-day bearish trend. Therefore, FIL/USD will likely spike lower overnight and move towards the next major support around $32.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market continued to decline over the last 24 hours. Bitcoin lost 2.61 percent, while the top altcoins, Ethereum, lost around 4.2 percent. Binance Coin (BNB) is among the best performers, with a loss of 6.4 percent.

Filecoin price movement in the last 24 hours: Filecoin prepares for another push lower

FIL/USD traded in a range of $44.97 – $47.39, indicating a moderate amount of volatility. Trading volume has increased by almost 20 percent and totals $226.6 billion. Meanwhile, the total market cap stands around $4 billion, ranking the cryptocurrency in 22nd place overall.

FIL/USD 4-hour chart: FIL set to break $45

On the 4-hour chart, we can see the Filecoin price attempting to break the $45 mark after a pause for further decline yesterday.

FIL/USD 4-hour chart. Source: TradingView

Looking at the Filecoin price action development over the past weeks, we can see that the market continues to reach further lows after establishing a swing high around the $66 mark on the 29th of June. What followed was a consolidation above the $55 support for more than a week and a break lower on the 8th of July.

Over the past days, FIL/USD rapidly declined and reached the previous major swing low around $42.5-$45. From there, a small rejection was made yesterday, and FIL consolidated overnight to build a base from which to push lower later today.

Currently, the Filecoin price has approached the $45 support again and looks to finally break lower. Once FIL/USD breaks the $45 support, we can expect a lot more downside later this week as bears likely attempt to reach the $32 support next.

Filecoin Price Analysis: Conclusion

Filecoin price analysis indicates bearish momentum to follow over the next 24 hours as bears have established a base from which to move lower again. Therefore, we expect FIL/USD to break below the $45 support overnight and move towards the next significant support of around $32. 

While waiting for Filecoin to move lower, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on July 19, 2021 6:08 pm

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

Recent Posts

Bitcoin Price Analysis: BTC retests $60,000 as support, will it hold?

TL;DR Breakdown Bitcoin price analysis is bullish today.BTC/USD declined to $60,000 yesterday.Consolidation formed over the… Read More

October 24, 2021

Tezos Price Analysis: XTZ continues to consolidate around $6.7, break lower to follow?

TL;DR Breakdown Tezos price analysis is bearish today.XTZ/USD still holds $6.7 support.Next support at $6.… Read More

October 24, 2021

Ethereum Price Analysis: ETH returns to $4,200, ready to break higher?

TL;DR Breakdown Ethereum price analysis is bullish today.ETH/USD set higher low at $3,900.Next resistance at… Read More

October 24, 2021

NEAR Price Analysis: NEAR Network breaks resistance at $9.418, higher prices to follow?

TL;DR Breakdown NEAR price analysis suggests bullish movement for today.The nearest resistance was present at… Read More

October 24, 2021

Binance Coin Price Analysis: BNB continues to hold above $470, more upside to slowly follow?

TL;DR Breakdown Binance Coin price analysis is bullish today.BNB/USD slowly moved higher overnight.Closest resistance at… Read More

October 24, 2021

Chainlink price analysis: LINK rejected at $31, after a successful bullish episode

TL;DR Breakdown Chainlink price analysis is bearish today.Support for LINK/USD is present at $28.6.The nearest… Read More

October 24, 2021

This website uses cookies.