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Filecoin price analysis: FIL recovers at $64.2, more upside to follow?

TL;DR Breakdown

  • Filecoin price analysis is mildly bullish today.
  • Strong support is found at $60.
  • Resistance is found at $66.9.

The Filecoin price analysis shows a small improvement in price today. The day started with the price breaking upwards, followed by a decline for some hours. The FIL/USD pair has been on a downtrend since 9th October, and today’s recovery is also minimal. Selling pressure is on the peak as there seems to be lesser bullish activity.

The bearish trend has been overwhelming for the past few weeks as buyers are backing off, contributing to the decline. The price trend line is downwards and seems to be continuing as recoveries are there but to a limited extent as bears look keen on keeping the price low. FIL/USD pair has gained around two percent value over the past 24 hours, and the weekly value estimation is also in the positive zone, as it reports an improvement over the specified period but with only a 1.6 percent gain.

FIL/USD 1-day price chart: Bullish efforts not enough

The 1-day price report for Filecoin price analysis shows strong bullish momentum as bulls are carrying their lead, but bears are also sparing no effort. The FIL value has improved during the last couple of hours as it came up to $64.2 at the time of writing.

FIL/USD 1-day price chart. Source: Tradingview

The moving average (MA) in the 1-day chart stands at $64.3 above the price level. The Bollinger band ends are moving in a straight direction, indicating mild volatility, with the top end at the $77 mark and the lower end at the $58 mark. The average of the Bollinger band is also above the price level at the $64 mark. The relative strength index (RSI) is slowly increasing with time and is found at index 45.

Filecoin price analysis: bears reappear

The 4-hours Filecoin price analysis indicates a decline in the price level recently as bears have appeared along with the selling pressure. After gaining a little momentum in the past hours, the FIL value is floating at $64.

FIL/USD 4-hour price chart. Source: Tradingview

The volatility is slowly decreasing as Bollinger bands are converging, with the upper band at $65 and the lower band at $63; the price has come down near the average of Bollinger bands and the moving average (MA). The relative strength index (RSI) has sunk down to index 50 on the hourly charts.

FIL/USD technical indicators chart. Source: Tradingview

The technical indicators chart for Filecoin price analysis also gives sell signals showing 14 technical indicators at the selling spot and two at buying spot, and 10 indicators at the neutral spot, out of a total of 26 indicators.

The moving averages are also giving sell signals, with 13 indicating sell signals and one MA indicating buy signal, whereas one moving average is neutral. The oscillators are perfectly neutral, with nine oscillators standing at neutral position and one each at buying and selling position.

Filecoin price analysis: Conclusion

The 1-day and 4-hours Filecoin price analysis indicates despite the price improvement of today, a further decline in price is possible as there seem to be very few chances of recovery in the coming hours. The decline in RSI is alarming, and if RSI sinks below the average of the indicator, then bears may gain control over the price function for FIL/USD pair. However, today’s bullish effort has at least provided some cushion and helped in maintaining the weekly upwards trend line.

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.

This post was last modified on October 26, 2021 9:42 am

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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