- Filecoin price analysis is bullish for today.
- FIL/USD made another spike lower overnight.
- The $70 major support still holds.
Analysis of Filecoin’s price is bullish today, with another selloff being rejected overnight and the market rising since then. As a result, we anticipate that FIL/USD will continue to rise in the near future.
The cryptocurrency market is in the red zone, and most coins are declining. Bitcoin dropped by 1.16%, Ethereum suffered a loss of 3%, and Binance Coin fell by 2.79% on Tuesday. Avalanche was the day’s top-performing altcoin, with a 6% rise.
Filecoin price movement in the last 24 hours: Filecoin retests $70 major support
Over the past 24 hours, FIL/USD has traded in a range of $68.69 – $78.8, with significant volatility during this time period. Trading volume shot up by 35.17 percent to $1.55 billion, while the market capitalization is now valued at around $8.26 billion.
FIL/USD 4-hour chart: FIL ready to rally?
On the 4-hour chart, we can see that bulls have begun to dominate Filecoin’s price movement, with some upward pressure developing.
The price of Filecoin slid significantly last week, returning to bearish momentum. On the 13th of September, the FIL/USD pair rose to $70 for the second time.
The Filecoin price, on the other hand, reversed and subsequently dropped to $70 prominent support for a second time. The bulls successfully repelled additional declines last night, before attempting another failed try overnight.
In conclusion, this price movement reveals that a new substantial swing low has been established, and the market is poised to reverse to the upside. FIL/USD is likely to advance over the next 24 hours and attempt to reclaim last week’s $86 resistance level.
Filecoin Price Analysis: Conclusion
The Filecoin price analysis is bullish today, as a new swing low has probably been established during the last 24 hours above the $70 mark. We expect bullish momentum to return later this week, with the closest resistance around $86.
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