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Filecoin price analysis: FIL prices slip below $10 as selling pressure mounts

Filecoin price analysis
TL;DR Breakdown
  • Filecoin price analysis shows a downtrend
  • FIL prices are currently trading at $8.0
  • Filecoin prices have set key support at $7.5

Filecoin price analysis recently shows FIL prices have dropped below $10 after finding some stability around that price point for the past few days. The recent sell-off has taken FIL prices down to key support at $7.5, which is a level that has been defended multiple times over the past few weeks. Filecoin prices are down by 2.50 percent, currently exchanging hands at $8.0.Filecoin prices entered the weekend in a bearish trend as the selling pressure from the previous week continued.

Filecoi prices have been trading below $10 for the last few hours, with prices hovering around $7.71 to $8.28.Filecoin’s current market capitalization is around $1.7 billion while the current trading volume is $252,429,380.38.The digital asset is currently ranking at position 38 in the crypto market while it dominates 0.14 percent overall. The decline in prices is anticipated in the next few hours before a major move to the upside. The main aim is for prices to remain above $7.5 in order to confirm a breakout from the pennant formation on the daily chart.

Filecoin price analysis on a 1-day price chart: Bears take control as prices break below $10

The sell-off in Filecoin prices has been quite aggressive over the past few hours as prices slipped below important support at $10. The bearish move took FIL prices down to $7.71, which is a level that has been defended multiple times over the past few weeks. Filecoin price analysis further indicates the market is getting volatility as the ATR indicator is currently at $0.06. The market is expected to find some support around the $7.5 level, which is a key level to watch in the short term.

The price index is currently at $8.0, after slipping below $10 earlier today. The market is down by 2.62 percent over the past 24 hours as the bulls fail to take control of the market. The MACD indicator is currently in the bearish zone while the RSI indicator is also heading toward the oversold levels. The relative strength index is currently at 38.22 and heading lower. The support levels are at $7.5 and $6.5 while the resistance levels are at $9 and $10.

image 376
FIL/USD 1-day price chart, source: TradingView

The SMA lines are currently in a bearish crossover as the 50-day SMA line is below the 200-day SMA line. The short-term trend is bearish while the long-term trend is still bullish.

The Fibonacci retracement levels show that prices are currently testing the 0.886 Fibonacci retracement level after finding some support at the 0.786 Fibonacci level. The next level of support is at the 0.618 Fibonacci level, which is around $6.5.

FIL/USD 4-hour price analysis: Prices head lower as the selling pressure continues

The 4-hour chart for Filecoin price analysis shows that prices have been on a downtrend since the start of the week. The market volatility is relatively low as indicated by the narrowing of the Bollinger bands, whereby the upper band is currently at $8.39 while the lower band is at $7.61. The Bollinger bands are expected to make a bearish crossover in the next few hours as prices head lower. The RSI line is currently in the oversold region while the MACD line is also heading lower. The support levels are at $7.5 and $6.5 while the resistance levels are at $9 and $10.

image 375
FIL/USD 4-hour price chart, source: TradingView

The EMA lines are currently in a bearish crossover as the 50-day EMA line is below the 200-day EMA line. The short-term trend is bearish while the long-term trend is still bullish. The Fibonacci retracement levels show that prices are currently testing the 0.886 Fibonacci retracement level after finding some support at the 0.786 Fibonacci level. The next level of support is at the 0.618 Fibonacci level, which is around $6.5.

Filecoin price analysis conclusion

Filecoin price analysis for today concludes that the market is currently in a bearish phase as prices have slipped below the $10 level. The market is expected to find some support around the $7.5 level before a possible move to the upside. The bulls have failed to defend the previous key support of $9.5, which is a bearish sign. The market is expected to remain volatile over the next few hours as the Bollinger bands are expected to make a bearish crossover.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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