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Filecoin Price Analysis: FIL tests $70-$75 previous support as resistance, reversal to follow?

Filecoin Price analysis

TL;DR Breakdown

  • Filecoin price analysis is bearish today.
  • FIL/USD has rallied to previous major support area.
  • FIL is likely to retrace some of the gains next.

Filecoin price analysis is bearish today as bulls have pushed the market towards previous major support area around $70-$75, which now likely acts as a resistance. Therefore, we expect FIL/USD to see a reaction lower over the next 24 hours.

Filecoin Price Analysis: FIL tests $70-$75 previous support as resistance, reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Bitcoin managed to increase by 6.83 percent, while Ethereum followed with a 6.48 percent gain. Filecoin (FIL) is among the best performers, with an increase of almost 17 percent.

Filecoin price movement in the last 24 hours: Filecoin rallies towards $70-$75 resistance area

FIL/USD traded in a range of $60.99 – $73.00, indicating strong volatility over the last 24 hours. Trading volume has increased by 150 percent and totals $1.725 billion, while the total market cap trades around $7.77 billion, ranking the coin in 23rd place overall.

FIL/USD 4-hour chart: FIL to retrace some of the overnight gains today?

On the 4-hour chart, the Filecoin price has slowed down around the $70-$75 resistance area, indicating an upcoming reversal.

Filecoin Price Analysis: FIL tests $70-$75 previous support as resistance, reversal to follow?
FIL/USD 4-hour chart. Source: TradingView

Overall, Filecoin price action has seen bearish price action development over the past weeks. After peaking at around $120 on the 6th of September, a strong drop lower to $70 followed.

Over the following weeks, FIL/USD consolidated in an increasingly tighter range, with the $75 mark serving as support. Breakout lower was finally seen on the 24th of September, resulting in a spike to $50.

From there, Filecoin price consolidated above $55 earlier this week, until some bullish momentum returned yesterday. FIL/USD started to rapidly advance, with the $70 mark reached overnight.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bearish today as a strong resistance area has been reached after a strong move higher overnight. Therefore, we expect FIL/USD to retrace some of the gains later today and look to set a higher low.

While waiting for Filecoin to move further, read our guides on how to create NFT art, NFT marketplaces, as well as Coinbase Wallet 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.

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