- Filecoin price analysis is bullish for today.
- FIL/USD made another spike lower overnight.
- Filecoin is currently trading at $74.5.
Filecoin price analysis: General price overview
On the previous day, Filecoin moved in a favorable direction on the price analysis chart. However, this bullish trend was halted by intense selling pressure when the daily price analysis chart debuted, causing prices to plummet dramatically to the lowest point on the daily price analysis chart at $73.
The bears were in control at the time, and their target was to break below $70. It looked like a long-term bearish trend might resume after the bulls seemed to be on the drawing board strategizing a possible attack that would reverse the current negative momentum. The bulls congregated in large numbers and amassed enough power to establish solid support that reversed the bearish trend, causing the FIL/USD to surge.
Most parts of the daily cryptocurrency heat heatmap parts are greenish, meaning the bulls dominate the market and are set to push the prices to where they were before the current dip.
The overall cryptocurrency market is optimistic, as shown by the heat map. BTC, the most well-known digital currency, has risen by 4% and is trading with few dollars below $45K, whereas the second-largest digital asset has recorded a 8% price surge and is currently trading at $3.1K.With the market continuing to strengthen, there are signs that altcoins are gaining ground as well. DOT is the top gainer of the day, with more than a 20 percent rise in price. Filecoin is also trading bullishly.
FIL/USD 4-hour chart: FIL set to surge
On the 4-hour chart, we can see that bulls have begun to dominate Filecoin’s price movement, with some upward pressure developing.
FIL/USD 4-hour chart. Source: TradingView
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 further declines last night before attempting another failed try overnight.
The MACD is displaying a green histogram, which indicates that the market is bullish. The indicator made a crossover last night and has been trading in favor of bulls since then. Although the momentum improved in the first 24 hours after the crossover, resistance at $190 prevented price movement from developing further, and momentum waned.
Filecoin Price Analysis: Conclusion
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.
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