- Filecoin price analysis is bullish today.
- FIL/USD saw bearish momentum return overnight.
- $55 support tested again.
Filecoin price analysis is bullish today as we expect bears to be exhausted after a strong rejection for downside yesterday. Therefore, FIL/USD is likely will start moving higher after a higher low is set.
The cryptocurrency market traded in the red over the last 24 hours. Bitcoin lost 1.8 percent, while Ethereum 2.91 percent. Meanwhile, Avalanche (AVAX) is the top performer, with a gain of over 13 percent.
Filecoin price movement in the last 24 hours: Filecoin slowly tests downside again, the $55 support still holds
FIL/USD traded in a range of $54.38 – $57.61, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 36.62 percent, totaling $839.37 billion, while the total market cap trades around $6.8 billion, ranking the coin in 28th place overall.
FIL/USD 4-hour chart: FIL ready to reverse?
On the 4-hour chart, we can see the $55 mark still holding, likely offering enough support to reverse the market higher over the next 24 hours.
Filecoin price saw a strong advance over the first days of November. After initially reaching $66 at the end of October, a retest of the swing high followed on the 2nd of November.
From there, FIL/USD retraced to set a higher low at $58 before making another strong push higher, this time to the $69 mark. Another sharp reversal followed, leading Filecoin to $59 in a couple of hours.
After a slight recovery, Filecoin price action consolidated above $61 for several days until more downside followed yesterday. FIL spiked to $52 this time, with a reaction higher to $57 seen the same day.
Since then, FIL/USD has slowly moved lower again, testing the $55 mark, which could reverse Filecoin higher as bears are likely exhausted.
Filecoin Price Analysis: Conclusion
Filecoin price analysis is bullish today as bears are exhausted after a sharp rejection for downside yesterday. Therefore, FIL/USD is expected to reverse after the current slow retracement.