- Filecoin price analysis is bullish today.
- FIL/USD is currently trading at $68.
- Resistance at $66 broken.
The price of Filecoin is gaining momentum today, as the $66 previous high appears to be broken after a minor rejection this morning. We should see FIL/USD rise further after making a solid higher low last week.
The stochastic RSI is at a very high level, indicating that the bulls are in control. However, the market will soon need to show us whether it can continue with higher highs and higher lows.
The daily chart shows that the price action has made a bullish higher low, indicating further gains for FIL/USD today. The market is in an uptrend and may test $70 or even $72 if it can continue to rise.
The key area to watch out for is near $72, indicating whether the bullish momentum will continue. It’s also where the 100-day moving average is on this timeframe.
The weekly chart shows that Filecoin has been quite bullish and above and beyond its 50 and 200 weeks EMAs (in orange). This means we can remain optimistic about future gains within the next few weeks or months for FIL/USD.
FIL/USD 4-hour chart: FIl is bullish
On the 4-hour chart, we can see significant buying pressure at the moment, as the $66 resistance has fallen away.
The price of Filecoin has been on a steady decline for weeks. After reaching $81 as the previous large swing high, the market fell even further.
In mid-October, support at $55 broke briefly before recovering, with a peak of $52. However, this did not last long, and FIL/USD rallied towards previous highs of around $66.
The bullish momentum is clearly visible on the 4-hour chart, with the most recent rebound taking place after an initial dip below $65. This represents a decent higher low for the current bullish trend in FIL/USD.
Price action in the last few days can be seen below, which shows that if the bulls continue to push price action above $65, there is resistance at $66, previous high (mentioned earlier), and Fibonacci retracement support if this level holds.
Continuing with the 4-hour chart, we can see that volume is contracting as we continue to move upwards, which could indicate a continued bullish trend for the following few days.
The most recent fractal resistance has been broken at $66, and this provides some strong indication that FIL/USD will continue moving towards the next fractal resistance at $74.
Filecoin Price Analysis: Conclusion
Filecoin price analysis is bullish today as the $66 resistance has been broken after a brief rejection at first. Therefore, FIL/USD will likely continue higher late today and set an even stronger higher high.
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