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Filecoin price analysis: FIL recovers at $40, more upside to follow?

Filecoin price analysis FIL recovers at more upside to follow

TL;DR Breakdown

  • Filecoin price analysis is bullish today.
  • Support for FIL is present at $39.
  • Resistance is found at $41.3.

The Filecoin price analysis is bullish today as an increase in price has been noted today after a heavy loss of yesterday. Bulls are successfully maintaining their lead today after breaking the price upwards at the start of today’s trading session, following a downtrend for continuous 16 hours. The overall trend line is still downwards, but bulls have provided good support to the price. FIL/USD has comparatively shown good performance today as most altcoins are either in loss or facing trouble in upwards movement.

FIL/USD 1-day price chart: Bullish momentum elevates price up to $40

The recent 1-day Filecoin price analysis indicates that the bullish momentum has been increasing throughout the day. The past week has proved non-profitable for FIL price due to a constant downtrend. But today, the trend has been bullish as the price has increased up to $39.9, almost $40 at the time of writing. The progress is appreciable as the price levels are reaching near the moving average (MA), which is present at the $42 mark.

Filecoin price analysis: FIL recovers at $40, more upside to follow? 1
FIL/USD 1-day price chart. Source: Tradingview

The Bollinger bands have been expanding, due to which the volatility is on the higher side as well. The Bollinger bands indicator stands important in validating our predictions, and they are maintaining the $62 upper limit and $34 lower limit representing resistance and support level for FIL, respectively. Furthermore, the Relative Strength Index (RSI) score has also improved as the indicator now shows a sharp upwards curve trading at index 33 coming up from the oversold region.

Filecoin price analysis: Recent developments and further technical indications

The 4- hour Filecoin price analysis show bulls have been progressing in a relatively smooth manner, as is evident from the 4-hours chart. The coin value has been continuously increasing since the past few hours, and it has reached the $40 level. The price is present above the moving average value, which on the other hand, is at the $39 level. The volatility is mild, which shows limited room for the upwards price movement of the coin.

Filecoin price analysis: FIL recovers at $40, more upside to follow? 2
FIL/USD 4-hour price chart. Source: Tradingview

The upper value of the Bollinger bands is situated at $41, representing resistance, while its lower value is settled at the $37 mark. The mean average of the indicator at $39.7 represents immediate support for FIL. The RSI on the 4-hour chart has further risen to index 49 at the center of the neutral zone due to continuous buying today. The indicator shows equally more room for bulls to exercise their practices.

Due to the coin largely on a downslide since 6th September, most of the technical indicators are still bearish, with 14 indicators giving sell calls and only one indicator giving a buy call which is none other than the momentum oscillator.

Filecoin price analysis: Conclusion

The Filecoin price analysis shows the price has been rising for the last 12 hours, as bulls are controlling the price function today. Traders can expect the FIL/USD pair to continue upside in the coming hours, and FIL may break near $41 today if the bullish momentum continues.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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