- Filecoin price analysis is bullish for today.
- FIL/USD saw a 40 percent spike lower today.
- Filecoin found support above $70 previous support.
Filecoin price analysis is bullish today as the market has declined by 40 percent over a couple of hours earlier today and is currently recovering. Therefore, we expect FIL/USD to rally over the next 24 hours and regain some of the loss next.
The cryptocurrency market traded with a substantial loss over the last 24 hours as a rapid decline was seen across the board over the past hours. The market leader, Bitcoin, is down 9.27 percent, while Ethereum has lost 12.31 percent. Filecoin is among the worst performers, with a loss of 20 percent.
Filecoin price movement in the last 24 hours: Filecoin briefly drops to $71
FIL/USD traded in a range of $73.10 – $110.69, indicating massive volatility over the last 24 hours. Trading volume has increased by 4.88 percent and totals $3.86 billion, while the total market cap trades around $8.59 billion.
FIL/USD 4-hour chart: FIL recovers above $80
On the 4-hour chart, we can see the Filecoin price action rejecting further upside and starting to advance again after a quick spike to the $71 mark.
Filecoin price action saw moderate bullish momentum during the end of August after a new higher high was set at $82. After several days of consolidation above $70, FIL/USD advanced and broke past the previous high.
What followed was a substantial advance of more than 40 percent to the $120 mark. From there, Filecoin saw a slight retracement again yesterday. However, some support was initially found at around $105.
After consolidating around the support overnight, FIL/USD started to decline lower again earlier today. The $100 mark was broken first, with a substantial spike lower to the $71 mark over the following hours.
Bulls picked up the momentum from there and have since pushed FIL back above $80, indicating recovery to follow over the next 24 hours. Overall, the Filecoin price action has retraced 40 percent over the past few days.
Filecoin Price Analysis: Conclusion
Filecoin price analysis is bullish for the next 24 hours as the market saw a sharp spike lower to the $71 mark, and since then, bulls have regained control. Therefore, we expect FIL/USD to increase over the next 24 hours and regain some of the loss seen over the past hours.
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