- Filecoin price analysis is bullish for today.
- FIL/USD saw a quick retracement to $80 today.
- Filecoin rejects further downside, indicating an upcoming reversal.
Filecoin price analysis is bullish for today as the market has retraced and found support around $80 today. Since further downside currently gets rejected, we assume FIL/USD will move higher over the weekend and look to break above the $94 current high.
The cryptocurrency market traded in the red over the last 24 hours. Bitcoin has lost 3.32 percent, while Ethereum has lost 6.39 percent. Meanwhile, Solana (SOL) is among the worst performers, with a loss of 12.57 percent.
Filecoin price movement in the last 24 hours: Filecoin retraces to set a higher low
FIL/USD traded in a range of $79.13 – $91.93, indicating strong volatility over the last 24 hours. Trading volume has decreased by 37.23 percent and totals $1.8 billion, while the total market cap stands around $8.47 billion, ranking the coin in 23rd place overall.
FIL/USD 4-hour chart: FIL set to move higher over the weekend?
On the 4-hour chart, the Filecoin price rejects further downside, indicating an upcoming reversal.
Filecoin price action has seen substantial volatility over the past week. After a strong rally in the beginning of September from the $70 support, FIL/USD eventually peaked below $120.
From the $120 swing high, a very strong retracement was seen on the 7th of September, with the $70 mark retested again as the overall market collapsed. However, a strong rejection for further downside was seen above the support, sending FIL to the $94 mark over the next few days.
After establishing a consolidation below the resistance, the Filecoin price saw a quick spike lower today to the $80 mark. Since further downside was rejected, we expect that a new higher low is set, and FIL/USD will move higher over the weekend from there.
Filecoin Price Analysis: Conclusion
Filecoin price analysis is bullish as the price action structure turns bullish again after a higher low was set around $80 earlier today. Therefore, we assume FIL/USD will rally higher over the weekend and look to break past the $94 current swing high.
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