- Filecoin price analysis is bearish for today.
- FIL/USD rallied back to $86 previous local high.
- Filecoin is likely to break higher today.
Filecoin price analysis is bullish for today as the market saw a strong advance over the last 24 hours and currently trades at the $86 resistance. Therefore, if FIL/USD can break above the resistance, we expect a lot more further upside later today.
The overall market traded in the green over the last 24 hours. The market leader, Bitcoin is up by 2.63, while Ethereum trades with a 2.27 percent gain. Binance Coin (BNB) is the best performer, with a gain of 8.34 percent.
Filecoin price movement in the last 24 hours: Filecoin rallies back to $86
FIL/USD traded in a range of $78.60 – $87.40, indicating strong volatility over the last 24 hours. Trading volume has increased by 16.14 percent and totals $1.45 billion, while the total market cap trades around $9.14 billion, ranking the coin in 21st place overall.
FIL/USD 4-hour chart: FIL looks to break higher?
On the 4-hour chart, we can see Filecoin price currently not being to break above the $86 resistance, potentially indicating another retracement incoming.
Filecoin price action has seen strong volatility over the past weeks. After rallying 70 percent from the $70 support to the $120 current major swing high at the beginning of September, a sharp reversal followed on the 7th of September.
FIL/USD rapidly moved back to the $70-$75 support area, where bulls picked up the momentum again. From there, FIL rebounded to $94 resistance and went into another retracement.
Ultimately support was found around the $75 mark on Monday, with a quick spike lower. Since then the Filecoin price has rallied higher and reached the previous swing high of $86.
Filecoin Price Analysis: Conclusion
Filecoin price analysis is bullish today as the market saw a strong rally over the last 24 hours to the $86 previous local high. If FIL/USD manages to break above the resistance, we expect a lot more upside to follow.
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