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Filecoin Price Analysis: FIL/USD is bearish for the next 24 hours

Filecoin price analysis

TL;DR Breakdown

  • Filecoin price analysis is bearish today.
  • FIL/USD has continued to decline today.
  • Filecoin is currently trading at $63.6.

Today’s Filecoin price analysis is bearish, as bearish momentum has continued to push the market lower over the past few days, and the $66 local support has been broken. As a result, we anticipate that FIL/USD will continue to decline and test the $63 mark in the near future. Moreover, today’s low is also set to form a new yearly low, and at the time of writing, this has occurred.

The 7-day SMA is reporting a bearish cross today, as the short-term moving average has moved below the long-term moving average. As a result, this suggests that the market will continue to decline over the next few days.

The 21-day SMA is also reporting a bearish cross today. This suggests that the downward momentum will continue to push the market lower over the next few days.

The nearest level of price support can be found at $66, which is expected to act as a significant point of resistance if FIL/USD returns into this region. However, further support levels are not far behind. The $62, $61, and $58 levels can be found at short distances from this point. Thus, these three points will likely act as price support if the market continues to decline further.

FIL/USD 4-hour chart: FIL targets $63 next?

We can see that Filecoin’s price has continued to drop over the last several hours, suggesting that the market is moving towards $63 next.

As of yet, there are no signs to suggest that the market may not decline further over the next few days. To make matters worse, today’s low will likely form a new yearly low, and thus establish momentum which may push the market down even below this level.

Therefore, it is likely that FIL/USD will continue to decline in the coming hours. Given the fact that bearish momentum is increasing, we anticipate that the market will continue to decline and test the $63 mark in the near future.

However, if this does not occur and FIL/USD begins to consolidate around $66, then this would likely indicate that bullish momentum is beginning to take hold within the market.

Filecoin Price Analysis: FIL/USD is bearish for the next 24 hours 1
FIL/USD 4-hour chart. Source: TradingView

The price of Filecoin has been declining for the past several weeks, as it has returned to bearish momentum. The FIL/USD pair attained a high of $81 during the first part of October before tumbling down.

From the $81 mark, a multiple-day decline of more than 20% occurred before a new swing low was established at $61 on Wednesday. The next reaction saw FIL fall to $72, where a lower high was formed.

The MACD histogram is in the center of its neutral alignment, so this implies buyers are keen on buying cryptocurrency. According to the trend analysis, there’s a great probability that bitcoin will surge to $63 next.

Filecoin Price Analysis: Conclusion 

The price analysis for Filecoin is bearish today, with further declines expected over the next 24 hours, as the $66 support was broken. As a result, we expect FIL/USD to fall even more in the coming days.

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.

Sergio Goschenko

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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