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Filecoin Price Analysis: FIL rallies $65, more upsides could take place

TL;DR Breakdown

Filecoin price analysis is bullish.
FIL/USD tested the $61 support again yesterday.
Local lower high set at $64.

The Filecoin price analysis is bullish today, after retesting the $64. As a result, we anticipate that FIL/USD will make an attempt to rise further and establish a higher high during the next 24 hours.

According to the Coin360 cryptocurrency heatmap, the overall market is trading in the red zone with Bitcoin shedding 2.92 percent and Ethereum dropping by 0.34 percent. The best performer of the day is Solana after it crossed the $200 psychological support.

Filecoin price movement in the last 24 hours: Filecoin finds support at $64 again

Over the past day, FIL/USD has moved in a range of $63.48 to $65.97, suggesting little volatility during the last 24 hours. Volume is down by 30.49 percent, and the market capitalization stands at $7.2 billion, putting it in 28th place globally among cryptocurrencies.

FIL/USD 4-hour chart: FIl prepares to break above $65?

On the four-hour chart, we can see that bearish momentum is slowly returning for the Filecoin price action, suggesting more depreciation will come today.

FIL/USD 4-hour chart. Source: TradingView

The Filecoin price has been trading in a strong bearish trend for the last several weeks. After reaching a high of $81 on October 1, a new major swing high was established.

However, after a brief period of strength, the price continued to drop. On the 13th of October, it made a 25 percent retracement to $61 after having risen somewhat in early trading. Then over the weekend, FIL/USD established a significant low at $72 before declining further last week.

The Filecoin price has recovered following a break of the $61 support level. While there was no immediate fall, we may anticipate another attempt to break lower in the next 24 hours.

Filecoin Price Analysis: Conclusion

The market is bullish today, as the previous support at $64 has been retested. As a result, we expect bullish momentum to challenge the upper price barriers again in the next 24 hours.

While waiting for Filecoin to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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.

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.