- Filecoin price analysis is bearish today.
- FIL/USD retraced lower over the last 24 hours.
- Price trading below the $66 resistance
The $66 previous high has posed a major price barrier for FIL/USD, making the Filecoin price now bearish. We may expect FIL/USD to post a downtrend even after last week’s strong higher low.
Cryptocurrency heat map. Source: Coin360
According to the Coin360 cryptocurrency heatmap, the overall market traded mostly with bearish momentum over the last 24 hours. Bitcoin lost 3.8 percent, while Ethereum shed 2.87 percent. Meanwhile, Ripple (XRP) is the worst performer of the day with a 24-hour negative change of 6.7 percent.
Filecoin price movement in the last 24 hours: Filecoin moves below $66
The Filecoin price has been range-bound for the past 24-hours, between $62.36 and $64.88; this indicates a low amount of volatility over the last several hours. Volume has increased by 67.17 percent and is now at $879 million, while the overall market cap is valued at around $8 billion.
During the last 24 hours, FIL has made a strong move upwards, breaking through resistance at $66. We are now trading just above this level, after an initial rejection that brought the price down to $63 briefly.
FIL/USD 4-hour chart: FIl looks to break below $64
On the 4-hour chart, we can observe considerable buying pressure as the $66 resistance appears to be crumbling.
The price of Filecoin is declining at a steady rate lately. After topping out at $81 as the most significant swing high, the value fell even further.
On the 31st of October, support at $55 was briefly shaken, with a spike to $52. Nonetheless, after a fast recovery, FIL/USD quickly re-tracked toward previous peaks around $66.
The Filecoin price began to rise from the low of $60. The pair’s first higher high was established at $64, which was followed by a stronger low at $56. Since then, the FIL/USD price has steadily advanced back up to the $66 level. Bulls have now broken through the resistance in recent hours after a modest setback
Filecoin Price Analysis: Conclusion
On the other hand, Filecoin’s price movement has been bearish today since the $66 resistance was broken after a minor rejection at first. As a result, FIL/USD is likely to continue losing ground late today and establish an even lower high.