Filecoin Price Analysis: FIL still holds above $61, break lower to follow?

Filecoin Price analysis

TL;DR Breakdown

  • 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.

Filecoin Price Analysis: FIL still holds above $61, break lower to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. Bitcoin gained 1.26 percent, while Ethereum lost 0.13 percent. Meanwhile, Fantom (FTM) is the top performer, with a gain of almost 13 percent.

Filecoin price movement in the last 24 hours: Filecoin finds support at $61 again

FIL/USD traded in a range of $61.48 – $63.97, indicating moderate volatility over the last 24 hours. Trading volume is down by 30.49 percent and totals $518 million, while the total market cap trades at $7.2 billion, ranking the coin in 28th place overall.

FIL/USD 4-hour chart: FIl prepares to break below $61?

On the 4-hour chart, we can see bearish momentum slowly returning for the Filecoin price action, indicating more downside will follow today.

Filecoin Price Analysis: FIL still holds above $61, break lower to follow?
FIL/USD 4-hour chart. Source: TradingView

Filecoin price has traded in a strong bearish momentum over the past weeks. After a strong rally to $81 during the first days of October, a new major swing high was set.

However, bullish momentum could not keep up, leading to a 25 percent retracement to the $61 mark by the 13th of October. From there, FIL/USD set a major lower high at $72 before pushing lower again last week.

Since then, the Filecoin price action has retested the $61 support. While initially further downside was not seen, we can expect another attempt to break lower over the next 24 hours. 

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bearish today as a local lower high has been set after a slight bounce from the $61 mark. Therefore, we expect bearish momentum to test the support again over the next 24 hours.

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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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