- Filecoin price analysis is bullish for today.
- FIL/USD declined overnight back to $80.
- Filecoin holds above $78.
Filecoin price analysis is bullish for today as the market price went for another retest of the $75-$80 support area today, and any further downside was rejected. Therefore, we expect FIL/USD to reverse over the next 24 hours and move back above the $80 mark.
The overall market traded in the red over the last 24 hours. The market leader, Bitcoin, is down by 2.78 percent, while Ethereum has lost 6.11 percent. Meanwhile, Solana (SOL) and Cardano (ADA) are among the worst performers, with around 10 percent.
Filecoin price movement in the last 24 hours: Filecoin spikes back below $80
FIL/USD traded in a range of $77.26 – $86.57, indicating strong volatility over the last 24 hours. Trading volume has increased by 17.61 percent and totals $1.34 billion, while the total market capitalization trades around $8.24 billion, ranking the coin in 23rd place overall.
FIL/USD 4-hour chart: FIL set to reverse again today?
On the 4-hour chart, we can see the Filecoin price rejecting further upside, likely leading to a reversal later today.
Filecoin price has seen strong volatility over the past weeks. After a rapid advance of over 70 percent from the $70 support at the end of August, FIL/USD eventually peaked at $120.
From the $120 new significant swing high, Filecoin retraced more than 35 percent to $75-$80 support area. After strong rejection for further upside, FIL rallied to $94 and reversed again, retesting the $80 support.
After some slow upside momentum over the weekend, the Filecoin price dropped lower again, this time finding support at $77.5, with a slightly lower low set. However, as long as the $75-$80 support area holds, we expect FIL/USD to reverse higher once again later today.
Filecoin Price Analysis: Conclusion
Filecoin price analysis is bullish today as the market saw a strong move lower back to the $75-$80 support area. Since further upside could not be reached over the past hours, we expect FIL/USD to reverse back to the upside later today.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.