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Filecoin price analysis: FIL initiates recovery at $3.07 after a heavy sell-off

Filecoin price analysis

TL;DR Breakdown

  • Filecoin price analysis is bullish today
  • Resistance for FIL/USD is present at $3.11
  • Support for Filecoin coin is seen at $2.99

Today Filecoin price analysis shows that the price of Filecoin is up again as bullish momentum builds and inflates to $3.07. After a heavy sell-off in the past few days, Filecoin is showing signs of recovery. The coin has been able to breach the $3.11 resistance level and is currently trading with a bullish attitude.

The 24-hour low of Filecoin is at $2.99, which serves as strong support for the coin. If the bulls can push Filecoin price above this level, then we could see a further surge in the coin’s value. The next resistance is found at $3.19, and if the bulls break that level, then we will see an even higher surge in Filecoin price. In the short term, Filecoin looks set to continue its rally, and it could be a good time for investors to enter the market.

Filecoin price action on a 1-day price chart: FIL/USD trades above $3.07

Filecoin price analysis on the 1-day price chart shows that FIL/USD pair has been trading with a positive bias. The pair has formed higher lows and higher highs which is a bullish sign the price action recently had a breakout above the ascending triangle pattern that had developed over the past 24 -hours which is a bullish sign. The Moving average indicator is currently at the $3.00 level and is sloping upwards which is also a bullish sign for the FIL price.

image 1
FIL/USD 1-day price chart, Source: TradingView

The volatility is mild as the Bollinger bands continue to follow the same movement, and the price seems to be not breaking out of the range it has been following for the past month. The upper limit of the Bollinger bands is present at the $4.079, and the lower band is at the $2.295 mark. The relative strength index (RSI) is trading at index 29.53 in the upper half of the neutral range on an upwards slope indicating the buying activity in the market.

FIL/USD 4-hour price action: Recent developments and further technical indications

The 4-hour price chart for Filecoin price analysis shows the price breakout was downwards at the start of today’s trading session, as the coin was in correction for 24 hours, and there on, bulls took the lead back and enhanced the price to $3.07 as they started the upwards again. Bulls have recovered the price to a level where the bullish trend has been reinstated.

image
FIL/USD 4-hour price chart, Source: TradingView

The bullish return is also obvious from the RSI curve as well, as it has turned upwards at an index of 47.74. The moving average is also trading far below the price level at the $3.03 mark, and the volatility seems high on the 4-hour chart as well, with the upper band at $3.088 and the lower band at $2.92.

Filecoin price analysis conclusion

Overall, the Filecoin price analysis is bullish as the pair has managed to retrace back above the $2.99 level and looks set to continue higher in the near term. The coin is recovering from the correction it had faced, and bulls look in control of the market at this moment.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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