- Filecoin price analysis is bearish for today.
- FIL/USD broke the previous high at $82 late yesterday.
- Filecoin found resistance at $85.
Filecoin price analysis is bearish for today as the market has set a slightly higher high and found resistance at the $85 mark. Therefore, we expect FIL/USD to reverse later today and look to set another higher low before continuing higher.
The cryptocurrency market traded mostly in the green over the last 24 hours despite the market leaders, Bitcoin and Ethereum losing 0.78 and 1.05 percent. Filecoin (FIL) is among the best performers, with a gain of 8 percent.
Filecoin price movement in the last 24 hours: Filecoin spikes to $85
FIL/USD traded in a range of $77.09 – $84.27, indicating strong volatility over the last 24 hours. Meanwhile, the total trading volume stands at $1.18 billion, up by 115 percent from yesterday. The total market capitalization trades around $8.59 billion, ranking the coin in 23rd place overall.
FIL/USD 4-hour chart: FIL set to retrace today?
On the 4-hour chart, we can see the Filecoin price consolidating below the $85 resistance as bears prepare to take over the momentum.
Filecoin price action has seen a substantial increase over the past month. After setting a major swing low around the $40 mark on the 20th of July, FIL/USD started to rapidly advance until the $82 mark was reached last week.
From the $82 mark, FIL/USD saw a quick retracement to $70 support. After another retest of the support on Tuesday, Filecoin started to advance and formed a consolidation around the $77.5 mark.
Overnight, the bullish Filecoin price action momentum resumed with a quick spike above the previous major resistance at $82. Resistance was found at $85, resulting in a consolidation over the past hours, indicating an upcoming retracement.
Filecoin Price Analysis: Conclusion
Filecoin price analysis is bearish for the next 24 hours as the market set a higher high and found resistance at the $85 mark over the last 24 hours. Therefore, we expect FIL/USD to reverse today and look to set another higher low over the weekend.
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