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Filecoin Price Analysis: FIL breaks below $66, more downside to follow?

Filecoin Price analysis

TL;DR Breakdown

  • Filecoin price analysis is bearish today.
  • FIL/USD  has continued to decline today.
  • Closest support at $63.

Filecoin price analysis is bearish today as bearish momentum has continued to push the market lower over the past few days and the $66 local support has been broken. Therefore, we expect FIL/USD to continue lower and test the $63  mark next.

Filecoin Price Analysis: FIL breaks below $66, more downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours, with Bitcoin down by 0.31 percent. Meanwhile, the top altcoin, Ethereum, has lost 1.62 percent, while Avalanche (AVAX) is among the worst performers, with a loss of 5.3 percent.

Filecoin price movement in the last 24 hours: Filecoin breaks below $66

FIL/USD traded in a range of $65.10 – $67.92, indicating low volatility over the past 24 hours. Trading volume has declined by 31.95 percent and totals $466 million, while the total market cap trades around $7.41 billion, ranking the coin in 26th place overall.

FIL/USD 4-hour chart: FIL targets $63 next?

On the 4-hour chart, we can see Filecoin price action continuing to move lower over the past hours, indicating that the market is headed to $63 next.

Filecoin Price Analysis: FIL breaks below $66, more downside to follow?
FIL/USD 4-hour chart. Source: TradingView

Filecoin price has seen bearish momentum return over the past weeks. After a strong rally during the beginning of October, FIL/USD eventually peaked at $81. 

From the $81 mark, a several-day retracement of over 20 percent followed until a new swing low was set at $61 on Wednesday. The following reaction took FIL to $72, where a lower high was set.

Since then, the Filecoin price action has steadily declined, with the $66 support broken after some initial hesitation. Overall, FIL/USD is expected to decrease over the next 24 hours, with the closest support located at $63.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bearish today as more downside was seen over the last 24 hours and the $66 support was broken. Therefore, we expect FIL/USD to continue declining over the next 24 hours.

While waiting for Filecoin to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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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