TL;DR Breakdown
- Filecoin price analysis is bullish today.
- FIL/USD set a higher low at $65.5 yesterday.
- Bullish momentum has returned.
Today’s Filecoin price analysis is bullish as a fresh higher low was established at $66, with subsequent momentum taking control. As a result, we anticipate that FIL/USD will continue to rise throughout the next 24 hours.
Cryptocurrency heat map. Source: Coin360
The market was in a mixed mood over the previous 24 hours. Bitcoin rose 6.8%, while Ethereum increased by 1.02%, making it the market leader. Meanwhile, Shiba Inu (SHIB) continues to lead the pack, having risen more than 70% since its low of December 17th.
Filecoin price movement in the last 24 hours: Filecoin finds support at $66
The cryptocurrency’s price ranged from $68.02 to $73.84 during the intraday session, which suggests significant volatility over the previous 24 hours. Volume has increased by 33%, and the market capitalization
FIL/USD 4-hour chart: FIL to test $75 resistance next?
We may see a bounce from the $11.00 support, with a target of $20. On the 4-hour chart, we can easily observe Filecoin price action moving closer to previous highs, suggesting that further gains are on the way.
FIL/USD 4-hour chart. Source: TradingView
Over the past week, Filecoin price action has seen a resurgence of bullish momentum. After trading in a range for weeks, a severe dive on September 26th set a new monthly low of $50.
On October 2, the pair resumed its progress and shot up to $60.61 within a few hours. It remained above $55 for several days before resuming its advance on October 1. Finally, after breaking through the previous key support level of $70-$75, FIL/USD found support in that area once again.
Yesterday, the Filecoin price fell to $66, where a new local low was established. Bulls, on the other hand, took over the momentum from there and sent the price back up to previous highs earlier today.
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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