- Filecoin price analysis is bearish today.
- Support for FIL is present at $35.2.
- Resistance is found at $37.4.
The Filecoin price analysis shows the cryptocurrency has been devalued to the $36 range as the bearish momentum has been revived today. The long consolidation period seems to be resulting in a downtrend as the red candlestick on the price chart is marking the loss in price as the downward trend has been restored. The coin has been consolidating since 14th December, and the bulls tried to take over the market earlier as the price went through significant improvement. Yet today, the bears have been able to take their position back after causing a decline in FIL/USD price.
FIL/USD 1-day price chart: Bears transcend $37 boundary as price takes a downturn
The 1-day Filecoin price analysis shows that the bears have returned to the price chart as the price underwent a steep decline during the day. The coin has lost more than seven percent value today as the price has moved down to $36.5 position till the time of writing as the bears were able to make a strong comeback in the last 24 hours. Overall, the past week proved quite favorable for the bulls as a slow, but constant uptrend was observed. The price has also stepped below the moving average (MA) value which is present at $36.64 for the day.
The last 24 hours remained unprofitable for the market as the trend remained downwards for most of the time. The Bollinger Bands Indicator is showing low volatility for FIL as the indicator has formed a narrow channel after converging steeply till 23rd December. The indicator’s values are as follows; the upper limit is at $40.2, and the lower limit is at $34. The Relative Strength Index (RSI) is also on a steep downwards curve at index 40, indicating strong selling pressure.
Filecoin price analysis: Recent developments and further technical indications
The 4-hours Filecoin price analysis confirms a downward trend for today, as the bears have been aggressively maintaining their lead. Bullish efforts emerged in the morning but were rejected, and the price has been undergoing constant reduction for the past few hours, as the bearish momentum has been on the rise. The price has gone down to the $36.6 level in the last four hours because of selling pressure.
The volatility is high on the 4-hour chart as the upper Bollinger band has reached the $39.8 level while the lower Bollinger band is touching the $35 level representing support for the falling price of FIL. The RSI is on the downslope at index 44 due to constant selling activity.
Filecoin price analysis: Conclusion
The price has been following a decreasing trend since the start of the trading session as the bears have been on the lead. Although a rise in price was recorded earlier, today’s trend has again been in favor of the bears. The cryptocurrency value has been reduced to $36.6, and it is expected that it will hit another low in the coming hours as well, as chances are there for a 10 month low if the selling pressure persists for a few hours more.
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