TL;DR Breakdown
- Filecoin price analysis is bullish today.
- FIL/USD is trading at $71.
- Market likely to reverse later today.
The price of Filecoin is currently in an uptrend, which might continue today as the previous major resistance has been breached and will act as a support. As a result, we anticipate that FIL/USD will not see further losses later today.
Filecoin price movement in the last 24 hours: Filecoin is trading in a tight range today
Having reached a high of $62.73 and a low of $71.36 – the price is currently hovering around $72 – this narrow range might continue for some time as traders wait to see whether there will be more gains or not.
The bulls have again taken over the market. Filecoinshowsoonhas gained more than 16% since our last analysis. We still expect the price to move further up as the previous support at $58 now acts as resistance and is likely to be breached with ease.
Filecoin is currently in an uptrend which might continue today as the previous major resistance has been breached and will act as a support. As a result, we anticipate that FIL/USD will not see further losses later today.
Additionally, as major resistance has been breached and now acts as support, we anticipate that there will be more gains soon. Should this assumption prove true, it would mean that FIL/USD will continue trading higher than its opening price.
The most logical scenario would see FIL/USD reach the next resistance at $75, which is the upper limit of our range. At this point, it would be appropriate to analyze market activity for clues about whether further gains are likely or not.
FIL/USD 4-hour chart: FIL to hold above $73?
On the 4-hour chart, we may observe Filecoin pricing approaching previous resistance at $73, which could now serve as a barrier.
The price of Filecoin has made a solid recovery in October. After a new low was set at $55 on September 30, there was a strong upswing on October 1.
Technical indicators on the 4-hour chart are showing that the uptrend is likely to continue as well.
Moving average convergence/divergence (MACD) – which acts as a momentum indicator – shows that buyers have taken over and intend on pushing prices further up. The blue MACD line has made a bullish crossover with the red signal line, indicating the potential for further gains in the near term.
Filecoin Price Analysis: ConclusionÂ
As major resistance has been breached and now acts as support, we anticipate that there will be more gains in the near future. Should this assumption prove true, then it would mean that FIL/USD will continue trading higher than its opening price. The most logical scenario would see FIL/USD reach the next resistance at $75, which is the upper limit of our range. At this point, it would be appropriate to analyze market activity for clues about whether further gains are likely or not.
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.
