- Filecoin price analysis is bullish today.
- FIL/USD saw bearish momentum return overnight.
- $55 support tested again.
Today, the Filecoin price analysis is bullish as we anticipate that bears will be exhausted after a strong rejection for downside yesterday. As a result, a higher low was established, FIL/USD is expected to begin gaining.Cryptocurrency heat map. Source: Coin360
Filecoin price movement in the last 24 hours: Filecoin slowly tests downside again, the $55 support still holds
Over the past 24 hours, LIF/USD has traded in a range of $54.38 – $57.61, with moderate volatility during that period. Volume has decreased by 36.62 percent and sits at $839.37 billion, while the overall market cap is around $6.8 billion, putting it in 28th position
FIL/USD 4-hour chart: FIL ready to reverse?
The $55 support level on the 4-hour chart is still intact, demonstrating that this will be a strong resistance level. The next 24 hours will reveal if the market can reverse up against it.
On November 1, the Filecoin price rose strongly. After peaking at $66 on October 31, a retest of the swing high occurred on November 2.
Following the swing high at $70, FIL/USD fell below its previous low, but it has since bounced back. The pair’s decline was brief, however, as it quickly retraced to form a higher low near $58 before making another strong push to the $69 level. Another quick reversal followed, putting Filecoin back around $59
The price of Filecoin moved sideways after the token’s major run, then dipped below $61 for a while before taking another hit. This time, FIL rose to $52; however, there was also a reaction higher to $57 on 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
Today’s Filecoin price analysis is bullish, as bears have run out of steam after a spectacular sell-off yesterday. As a result, FIL/USD will most likely reverse following the current retracement.