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Filecoin price analysis: FIL to spike to $90 in the next 24 hours

  • Filecoin price analysis is bearish today.
  • FIL/USD saw a strong reversal back to the $70-$75 support area over the following 24 hours.
  • Filecoin is likely to retrace further to set a higher low.

Filecoin price analysis: General price overview

Filecoin saw a downfall that was reversed minutes later when the daily FIL/USD price analysis chart set in while the bulls controlled the market. The bull dominance did not take long before the sellers came in and caused resistance in the third minute, making the price record a sharp decline to the lowest price on the daily price analysis. 

Filecoin price analysis is bearish today as the market has returned below the $86 resistance after setting a slightly higher high. Therefore, we expect FIL/USD to see further downside over the next 24 hours and set another higher low.

Source: Coin360

Generally, the cryptocurrency is trading in mixed reactions, as indicated by the cryptocurrency heatmap. The giant assets Bitcoin and Ether are part of the section that is trading in a bearish trend. Despite the two popular assets trading bearishly, most altcoins are enjoying a massive price surge. Binance coin is trading positively at $415, which is a 2 percent price surge. Solana is the hottest gainer of the day, recording more than 15 percent price increment, while BNK has recorded the most losses according to the coin360 heatmap.

Filecoin price movement in the last 24 hours: Filecoin starts to retrace below $86

The overbought condition of the RSI is holding near to the 70.00 index level as it trades in the neutral zone. The indicator had moved into the overbought region yesterday, giving a buy signal followed by a price surge to $90 resistance.

FIL/USD price has been in up and down movements. On the 24 hours chart, bulls and bears seem to be having equal strength. The number of the green and red candlesticks seem to be equal meaning, bulls and bears take control of the market.

FIL/USD 4-hour chart: FIL looks to set higher low?

On the 4-hour chart, Filecoin price action continues to drop over the past hours as bears look to set a higher low.

FIL/USD 4-hour chart. Source: TradingView

Filecoin price action traded with strong volatility over the past weeks. After a solid rally to the $120 resistance initially, with a gain of 70 percent, further upside could not be reached on the 7th of September.

FIL/USD saw a strong reversal back to the $70-$75 support area over the following 24 hours. From there, FIL rebounded to $94 and went for the second retest of the support area.

Filecoin Price Analysis: Conclusion

Filecoin price analysis is bearish for today as we have seen selling today, with the market price returning below the $86 support. Therefore, we expect to see further downside for FIL/USD later today, with a higher low set this week.

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.

This post was last modified on September 19, 2021 6:20 am

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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