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Filecoin Price Analysis: FIL swiftly drops to $60, set to reverse today?

Filecoin Price analysis

TL;DR Breakdown

  • Filecoin price analysis is bullish for today.
  • FIL/USD found support above $60.
  • Bears are likely exhausted after a sell-off.

Filecoin price analysis is bullish today as we can see support found at the $60 mark after a strong sell-off yesterday. Therefore, we expect FIL/USD to reverse later today and look to regain some of the loss.

Filecoin Price Analysis: FIL swiftly drops to $60, set to reverse today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with bullish momentum over the last 24 hours. Bitcoin gained 2.91 percent, while Ethereum is up by 3.48 percent. Meanwhile, Tezos (XTZ) is the best performer today, with a gain of almost 20 percent.

Filecoin price movement in the last 24 hours: Filecoin swiftly move to the $60 mark

FIL/USD traded in a range of $59.23 – $64.52, indicating large volatility over the last 24 hours. Trading volume has declined by 18.47 percent and totals $1.39 billion, while the total market cap trades around $6.78 billion, ranking the coin in 23rd place overall.

FIL/USD 4-hour chart: FIL set to bounce today?

On the 4-hour chart, we can see the Filecoin price action rejecting further downside, indicating an upcoming reversal.

Filecoin Price Analysis: FIL swiftly drops to $60, set to reverse today?
FIL/USD 4-hour chart. Source: TradingView

The overall Filecoin price action has seen bearish momentum return this week. After a strong drop from the $120 all-time high set on the 6th of September, FIL/USD lost 40 percent until support was established around the $75 mark.

What followed was a consolidation in an increasingly tighter range last week, with several lower high set. However, on Monday, the market finally broke lower, resulting in a slow decline and, eventually, a spike lower yesterday.

This time support was found above the $60 mark, with a small retest seen earlier today. Overall, this Filecoin price action development indicates that we will see reversal over the weekend as bears are likely exhausted.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bullish today as support was found at the $60 mark yesterday after a strong drop lower. Therefore, we assume FIL/USD is ready to reverse as bears are exhausted.

While waiting for Filecoin to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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.

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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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