- Filecoin price analysis is bullish for today.
- FIL/USD rallied to the $94 mark yesterday.
- Filecoin is currently setting a higher low.
Filecoin price analysis is bullish today as the market has retraced and currently looks to establish a higher low. Therefore, we expect FIL/USD to rally further over the next 24 hours and recover even more of the loss seen earlier this week.
The overall market mainly traded in the green over the last 24 hours. The market leader, Bitcoin, is down by 0.72 percent, while Ethereum has gained 0.49 percent. Meanwhile, Solana (SOL) is the best performer, with more than a 24 percent gain.
Filecoin price movement in the last 24 hours: Filecoin rallies to $94
FIL/USD traded in a range of $81.99 – $93.69, indicating substantial volatility over the last 24 hours. Trading volume has decreased by 37.55 percent and totals $2.97 billion, while the total market cap trades around $8.99 billion, ranking the coin in 21st place overall.
FIL/USD 4-hour chart: FIL retraces to set a higher low?
On the 4-hour chart, Filecoin price action has declined today after peaking below $94 as a higher low needs to be set before further upside.
After spending the past weeks in a relatively mild bullish trend, Filecoin price saw a powerful rally at the beginning of September. FIL/USD gained more than 70 percent in a week, resulting in a new several-month high set at $120.
However, an equally strong retracement started on Monday and continued on Tuesday, with FIL/USD retracing back to the $70-$80 area. Bulls gathered momentum from the support area and pushed the market higher yesterday, with the $94 mark reached and retested overnight.
Over the past hours, the Filecoin price action saw a retracement to $85, where further downside was rejected. Overall this price action development indicates that a new higher low is set, and we can expect FIL/USD to rally further from there.
Filecoin Price Analysis: Conclusion
Filecoin price analysis is bullish today as the market retraced earlier today to the $85 and rejected further downside. Therefore, FIL/USD has likely established another higher low, and we expect more upside over the next 24 hours.
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