TL; DR Breakdown
- Sellers control FIL/USD market.
- Most parts of the cryptocurrency heat map are in red, implying a market is bearish.
- Bitcoin trades slightly below $50 K.
Filecoin price analysis: General price overview
Price analysis of Filecoin indicates that the market is currently in a moderately bullish trend, with the price reaching $96 where it faced resistance. The resistance was so strong that the Filecoin price dropped, forming several inverted triangles before bulls got support at $93 and altering the bearish trend. The buyers made the price of the coin ton surge in a rising wedge while forcing several head and shoulder patterns.
FIL/USD started off the 5-day price analysis chart with bears controlling the market, causing prices to drop to lows of $76.53 on the 5-day price analysis chart, which acted as support to the bulls making FIL/USD price move in a sharp upward momentum to the highest price on the 5-day price analysis chart $96.5.
Filecoin price movement in the last 24 hours: Filecoin spikes to $95.6
FIL/USD has been trading in a tight range for the last day, with FIL/USD changing hands in a range of $86.3 – $95.6, suggesting that the price has been relatively stable throughout the previous 24 hours.
The trading volumes of FIL/USD have increased by 92 percent in the last 24 hours; the overall trade volume totals to $1.9 billion, and the market capitalization has risen by 13 percent to 13 billion, putting Filecoincoin at #21 in terms of market capitalization.
FIL/USD 4-hour chart: FIL trades in a bearish trend
On the four-hour Filecoin price analysis chart, the coin price has been trading in a confusing trend as both bears and bears are in control of the price. The bears are pulling the prices towards the daily resistance while the bulls strive to surpass the intraday highs.
As a result of this, Filecoin price analysis shows the market is in red. However, the bears feel victories as they have managed to bring down the bulls from the intraday highs of $96.5 to lows of $93.4.
The MACD and the red signal lines have crossed each other severally on the four-hour price analysis chart. This indicates that even if the market is bearish, the bulls have not yet been overwhelmed by the bears. The bulls might set a bull momentum in the next trading hour, making the price surpass the intraday highs if it creates solid support as per Filecoin price analysis.
Filecoin Price Analysis: Conclusion
The MACD histograms are suggesting a negative signal. The red bars have outnumbered the green bars, implying that the bull market is so intense. There is a low probability of the market becoming bullish in today’s Filecoin price analysis chart. Now is the best time for day traders to make FUL/USD purchases and sell them after the price has spiked.
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