- Filecoin price analysis is bullish today.
- FIL/USD is trading at $ 70.2.
- Bulls control FIL/USD price.
The price of Filecoin is rising today as a new higher low was established at $66, with bullish momentum taking over since then. As a result, we anticipate that FIL/USD will continue to rise in the coming days.
Filecoin price movement in the last 24 hours: Filecoin finds support at $66
In our last analysis, we discussed that it would be best to wait and see if FIL/USD was going to establish a new higher low and confirm the bullish momentum before investing in buy orders. As mentioned above, we can now conclude that $66 is indeed a new higher low and confirms the return of the bullish momentum as shown by the price increase.
To conclude, Filecoin is set to continue its bullish momentum as per our analysis and might even break the all-time high at $3.60 soon if this upward movement continues. However, please keep in mind that a correction might occur at any point so it would be best to wait for a strong bullish candlestick pattern before investing in buy orders.
As explained above, Filecoin has established a new higher low at $66 which is an encouraging sign for all of the bullish investors out there. This means that it’s safe to enter buy orders in anticipation of a strong bullish movement that might take FIL/USD above the previous ATH in the medium term.
In the event of an upward movement, we can expect some resistance around $2.50 – $2.55 (former weekly lows) which is followed by the all-time high at $3.60. If bullish momentum persists, Filecoin will continue on its way up to reach this level.
In a downward movement, we can expect some resistance around $2.70 – $2.75, which is followed by a psychological round number at $3.00. If bearish momentum persists, Filecoin might experience a corrective wave that would see the price consolidate around $2.50 – $2.55 for a few days before another bullish wave starts to take place.
FIL/USD 4-hour chart: FIL set to go higher
FIL/USD 4-hour chart. Source: TradingView
Looking at the 4- hour chart, we can see that FIL/USD is trading below both the 21-period and 50-period MAs, which means that there’s still plenty of room for price to rise before it starts getting closer to the resistance provided by the moving averages; this is an encouraging sign for bullish investors who are looking to make a profit later on.
We can also see that the price of Filecoin is trading below both the 100-period and 200-period MAs, which means that there’s still plenty of room for price to rise before it starts getting closer to the resistance provided by these moving averages; this is an encouraging sign for bullish investors who are looking to make a profit later on. Moving on to the RSI, we can see that it has just entered the overbought territory, which means that there’s still room for price to rise before it starts getting closer to the resistance provided by this indicator too.
Filecoin Price Analysis: Conclusion
Although we can’t predict future prices with certainty, we believe that the future movement of FIL/USD will either be up or down for a few days until it consolidates again. Should the price keep rising (which we anticipate), Filecoin might break its all-time high at $3.60 in the coming weeks; however, should there be a downward correction (which is very probable), the price might consolidate around $2.50 before another bullish wave starts to take place.
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.