Filecoin Price Analysis: FIL finds support at $56.65, will this hold?

Filecoin Price analysis

TL;DR Breakdown

  • Filecoin price analysis is bullish for today, up by 2.4%.
  • The current price is at $56.64, while the nearest resistance is at $59.6.
  • If 56.65 support fails, the next support is at $54.54.

Filecoin price analysis is bullish for today as the FIL/USDT pair rose by more than 2.4% today. As per the data by Coinmarketcap, the 24-hour trading volume of the cryptocurrency fell by almost 24.21% and is at $1.05 billion. This indicates that the price of the coin will fall in the short term. The market cap of the cryptocurrency, on the other hand, has surged by 0.50 percent.

Yesterday, the price of the coin fell by over 6.24%, opening at $58.98 while closing at $55.30. The lowest price for yesterday was 55.07 USD. If this trend continues, we will see lower prices soon. On 24th September, the price of Filecoin fell by over 15.20%. This indicates that in the short term, the price movement has been bearish for Filecoin, presenting good buying opportunities.

Filecoin price analysis: Technical indicators are still bearish

The technical indicators for Filecoin price analysis are still bearish, although the bulls have taken the price action up by 2.4%. The price action is below the 50-day and 100-day Moving Averages, which is a bearish situation for the price movement.

The current price movement is situated in the lower end of the Bollinger Bands. This confirms our bearish Filecoin price analysis, but we can expect the coin to rise once the bulls take charge.

Filecoin Price Analysis: FIL finds support at $56.65, will this hold? 1
Filecoin price analysis on the chart by TradingView

On the 4-hour chart below, we can see that the MACD indicator represents a bullish scenario. The histogram is loaded with green bars, and the MACD line is well above the signal line. Overall, the market sentiment for Filecoin is bullish according to the MACD indicator.

The RSI price level is at 40, which indicates that the selling pressure for the coin is more than the buying pressure. Also, the gradient has turned negative, and lower prices will follow for FIL/USDT.

Filecoin price analysis
Filecoin price analysis on the chart by TradingView

Filecoin price analysis: Conclusion

Filecoin price analysis for FIL/USDT pair is still bearish in the short term. This suggests that soon the price might turn bullish once Bitcoin resumes its upwards journey towards the $50K price levels. For the time being, you should definitely check out our long-term price predictions.

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Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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