TL; DR Breakdown
- Filecoin began the day in bullish momentum.
- The long-term picture for Filecoin is bullish.
- Filecoin trading volumes have increased by more than 32 percent in the last 24 hours.
Filecoin price analysis: General rice analysis
Filecoin began the day in bullish momentum. Buyers controlled FIL/USD price in the early trading hours sending the price upward in a rising trend to the intraday highs of $83.2. The sellers could not continue watching as the bulls take the prices higher in a rising wedge. And so, the sellers came into the market in large numbers causing resistance at the intraday highs of $83.2. The bears dropped Filecoin price in an inverted triangle to the lows of the day at $80.3.
The long-term picture for Filecoin is bullish, even if the short-term chart indicates a bearish momentum. The market has established a higher low over the last 24 hours, reaching $80, suggesting that price rises are likely moving forward. We anticipate FIL/USD to rise higher today and aim for $90 before the daily chart ends.
The most valuable digital asset is presently up by a modest amount, with a minimal price increase yesterday. One Bitcoin (BTC) was worth $45.2K as of publication. The second-largest digital currency (ETH) is up 2 percent and trades at $3.3 today. The Binance coin, on the other hand, is bullish today, although it provides a slightly bearish signal and may fall in value throughout the day. FIL/USD has seen a price increase of about one percent, and it is currently trading at $82.2.
Filecoin price movement in the last 24 hours: Filecoin established a higher low at $80.3
The trading price of Filecoin has ranged between $80.31 and $83.21 over the past 24 hours, suggesting less volatility. Filecoin trading volumes have increased by more than 32 percent; Filecoin total daily trading volumes are $2.1 billion while the total market capitalization is up by 2 percent, making it $8.6 billion. Meanwhile, Filecoin has a market dominance of $0.42 percent.
FIL/USD 4-hour chart: FIL starts to rally again
On the four-hour time scale, we can see that Filecoin is beginning to rise again as bulls have reclaimed their footing.
The Bollinger bands are wide on the four-hour price analysis chart, indicating that the cryptocurrency is trading in a highly volatile market. The FIL/USD price is approaching the higher band, suggesting that the currency will be bullish in the next few hours.
The value of Filecoin has been volatile lately, with a wide range observed throughout the previous week. Bulls resumed to rapidly push FIL/USD higher during the first days of September after consolidating above $70 support at the end of July.
Filecoin Price Analysis: Conclusion
According to today’s Filecoin price analysis, the coin is expected to rally to $90 in the next 24 hours, if only the bulls continue dominating the market. The balance of power indicates that the buyers have more strength than the sellers hence the surge.
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