- Filecoin price analysis is bullish today.
- FIL/USD set a higher low at $65.5 yesterday.
- Bullish momentum has returned.
The Filecoin price is bullish today, as a fresh higher low was established at $66, with subsequent momentum taking control. As a result, we expect that the FIL/USD pair will continue to rise throughout the next 24 hours.
Filecoin price movement in the last 24 hours: Filecoin finds support at $66
During the intraday session, Filecoin price fluctuated between $68.02 and $73.84, suggesting significant volatility over the previous 24 hours. Volume has grown by 33%, and market capitalization has risen by 22%.
Filecoin price established a lower high of $74 yesterday (8/26). However, since then, it has not looked back as it appears to be making its way up to the next resistance point at $80.8, establishing a higher high at $81 earlier today (8/27).
As expected by us yesterday, Filecoin found support at $66, whereafter it entered into another bullish phase of trading – validating our expectations for potential gains today. The subsequent bullish momentum took control over the day’s trading session, with no noticeable decrease in volume. We expect this will continue throughout the day today, and then the price will continue to rise and test and break new highs in the process.
Filecoin is extremely attractive today. We expect that the previous bullish momentum will continue for a further 24 hours at least – given that we have established a higher high, and we don’t see any signs of the market slowing down its momentum just yet. This can be seen from our analysis underpinned by the fact that there is no discernible resistance between $81 and $85, making it an attractive period to accumulate cheap Filecoin tokens. Given this, we believe that FIL/USD may even touch $100 before eventually succumbing to selling pressure again.
As a result, short-term investors who are currently holding on to their or looking to buy into Filecoin can expect to make decent gains over the next 24 hours.
FIL/USD 4-hour chart: FIL to test $75 resistance next?
FIL/USD 4-hour chart. Source: TradingView
Following a period of consolidation, Filecoin price action has recently seen a resurgence of bullish momentum. After trading in a range for weeks, September 26th saw a severe downturn to $50 as the monthly low. Since then, the market has been on a steady rise and gradually breaking resistance levels as it establishes a higher high at $81. The next major resistance point is at $85.
On the downside, there is significant support in place between $69-$72. However, if the price fails to break this support level within 24 hours, we can expect FIL/USD to drop significantly in value. We will closely monitor its movement over the course of today’s trading session.
Filecoin Price Analysis: Conclusion
Today’s Filecoin price analysis is bullish, as a new higher low was established at $66 following a minor drop early yesterday. However, later momentum took over, slowly pushing FIL/USD back toward previous highs.
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