- Filecoin price analysis is bearish.
- FIL/USD tested the $61 support again yesterday.
- Local lower high set at $64.
Filecoin price analysis is bearish today as another lower high has been set at $64 after a failure to breach the $61 mark yesterday. Therefore, we expect FIL/USD to attempt another push lower over the next 24 hours.
Technical indicators are deteriorating further to reflect increasing bearish momentum.
The daily chart for FIL/USD paints a grim picture as the market seems unfazed by attempts to breach $61. The last bullish candle has reached its close below the conversion line, which reflects growing selling pressure at this price level. This is paired with decreasing volume throughout each rally. Further confirmation of increasing selling pressure can be seen in the RSI and OBV indicators that are both attempting to scrap their way out of the overbought territory, although neither has done so yet.
Finally, another lower high has been set today after yesterday’s rejection at $64 (slightly above the September 20th local high). Momentum appears to be shifting more bearishly but we will look for buying opportunities if FIL/USD falls below the $56 support.
Filecoin price analysis is bearish today as the market has failed to break past the $61 resistance level for a second time. Bulls have been trying to push prices higher but have been met with increasing selling pressure, reflected in the lower high at $64. Technical indicators are worsening and suggest that the market may push lower in the next 24 hours.
The daily chart for FIL/USD shows that the market is increasingly bearish, with a growing number of sellers at the $61 resistance level. Volume has decreased throughout each rally, indicative of weakening buying pressure. The RSI and OBV indicators are both attempting to move out of the overbought territory, but have not done so yet.
Finally, the market has set another lower high at $64 after yesterday’s rejection at $61. Momentum is shifting more bearishly, but we will look for buying opportunities if FIL/USD falls below the $56 support level.
FIL/USD 4-hour chart: FIl prepares to break below $61?
On the 4-hour chart, we can observe that bearish momentum is gradually regaining ground for the Filecoin price movement, suggesting more depreciation will follow.
FIL/USD 4-hour chart. Source: TradingView
The Filecoin price has been trading in a strong bearish trend for several weeks. A major swing high was established after a powerful rally to $81 during the first days of October.
After paring gains, a huge correction took place. The 8th of October saw $61.50 as the high price, and an ensuing 25 percent drop to $48 by the 13th of October. From there, FIL/USD established a significant low at $72 before declining further last week.
Since the previous support was broken, the Filecoin price action has retested the $61 level. While a further drop was not observed initially, we may anticipate another attempt to break lower in the next 24 hours.
Filecoin Price Analysis: Conclusion
Today’s Filecoin price analysis is bearish, as a local lower high has been established following a minor bounce from the $61 mark. As a result, we expect bearish momentum to challenge the support again during the next 24 hours.
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