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Filecoin price analysis: FIL/USD breaks below $8.31 as bearish stress overwhelms the market

Filecoin price analysis
TL;DR Breakdown
  • Filecoin price analysis is bearish today
  • Filecoin prices are facing resistance at $9.31
  • FIL/USD has found support at $8.09
image 455
Cryptocurrencies price heatmap, Source: Coin360

Filecoin price analysis indicates a strong bearish movement for FIL prices as bears increase their control over the market. FIL/USD opened today’s session at $8.99 and has so far lost 5.50% to trade at $8.31.  After a brief price rally to the resistance of $9.31, FIL/USD prices have fallen sharply and are now trading near $8.09. The bearish pressure is likely to continue in the near term as technical indicators suggest further downside momentum. The market is expected to remain bearish in the near term as selling pressure continues to be witnessed in the market.

The overall market sentiment for Filecoin is bearish as the investors remain cautious about the current market conditions. The trading volume for FIL/USD price is declining, which is now at $556,961,720 as the digital asset consolidates near $8.30 levels. The total market capitalization for Filecoin is now at $1,757,676,950 as the cryptocurrency remains at the 12th position on the list of largest digital assets.

FIL/USD 1-day price analysis: Filecoin consolidates around $8.31

Filecoin analysis on the daily chart shows FIL prices have made major changes in the last 24 hours. The FIL/USD pair is currently trading at $8.31. In the last 24 hours, the highest price was $9.31 and the lowest was $8.09. The indicators show that the market is in a bearish mood as the RSI has fallen below 50 levels, which indicates that the selling pressure is likely to continue in the near term.

image 456
FIL/USD on a 1-day price chart, Source: TradingView

The MACD indicator is also moving towards the bearish zone, which suggests further downside momentum.EMA-13 levels also suggest a bearish market as the prices are currently trading below this level. Overall, the market is bearish and more losses can be expected in the near term as FIL/USD trades around $8.31 levels.

FIL/USD 4-hour price chart: Recent development and further technical indications

The 4-hour price chart for Filecoin price analysis shows that the market is in a bearish trend as the prices are moving downwards. The digital asset is trading below the moving averages which indicates that the bearish trend is likely to continue in the near term.

image 458
FIL/USD 4-hour price chart, Source: TradingView

The RSI is currently near the 40 levels, which indicates that the selling pressure is likely to continue in the market, The EMA indicators are below the prices, which is a bearish signal. The MACD indicator is also in the bearish zone and is likely to provide further downside momentum.

Filecoin price analysis conclusion

In conclusion, the overall Filecoin price analysis is bearish as the digital asset consolidates near $8.31 levels. The market indicators are pointing to further downside momentum in the near term as the bearish winds continue to blow. Investors remain cautious about the current economic conditions. Prices will continue falling if the selling pressure persists.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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