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Filecoin Price Analysis: FIL tests previous highs at $73, break higher to follow?

Filecoin Price analysis

TL;DR Breakdown

  • Filecoin price analysis is bullish today.
  • FIL/USD set a higher low at $65.5 yesterday.
  • Bullish momentum has returned.

Filecoin price analysis is bullish today as a new higher low was set at $66, with bullish momentum taking over since then. Therefore, we expect FIL/USD to continue gaining ground over the next 24 hours.

Filecoin Price Analysis: FIL tests previous highs at $73, break higher to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded within a bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 5.27 and 4.04 percent, respectively. Meanwhile, Shiba Inu (SHIB) is the best performer, with a gain of over 49 percent.

Filecoin price movement in the last 24 hours: Filecoin finds support at $66

FIL/USD traded in a range of $66.02 – $72.84, indicating strong volatility over the last 24 hours. Trading volume has increased by 33.36 percent and totals $1.23 billion, while the total market cap trades around $7.85 billion, ranking the coin in 24th place overall.

FIL/USD 4-hour chart: FIL to test $75 resistance next? 

On the 4-hour chart, we can see Filecoin price action advancing towards previous highs, indicating we will see further upside attempted.

Filecoin Price Analysis: FIL tests previous highs at $73, break higher to follow?
FIL/USD 4-hour chart. Source: TradingView

Filecoin price action has seen bullish momentum return over the past week. After a steady decline from the $90 area of resistance, a sharp spike lower on the 26th of September established a new monthly low at $50.

From there, FIL/USD consolidated above $55 for several days before more upside was seen on the 1st of October. Eventually, FIL/USD reached the previous major support area of $70-$75, with another consolidation started.

Yesterday, the Filecoin price declined to $66, where a higher local low was set. However, bulls took over the momentum from there, sending the price back to previous highs earlier today.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bullish today as a new higher low was set at $66 after a slight decline early yesterday. However, bullish momentum took over later, slowly pushing FIL/USD back towards previous highs.

While waiting for Filecoin to move further, read our guides on Mycelium Wallet, Next Cryptocurrency to Explode in 2021, as well as our BitMEX review.

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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