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Filecoin price analysis: FIL/USD loses value a $7.34 after a bearish run

Filecoin price analysis: FIL expected to break below support at $13.6

TL;DR Breakdown

  • Filecoin price analysis shows a bullish market sentiment
  • Filecoin prices are facing resistance at the $8.11 level
  • Support for FIL prices is present at $7.33

Filecoin price analysis shows a negative market trend set for FIL prices after a period of a bearish run. Support for Filecoin prices is set at the $7.33 level after a bearish run seen in the market before prices corrected themselves. However, the $8.11 level is still a major resistance point for prices and bulls will have to push through this point for any further gains in price.

image 33
Cryptocurrencies prices heatmap, source: Coin360

Filecoin price analysis shows the FIL/USD pair has been trading in a range of $7.33 to $8.11 and is up by 3.17 percent in the last 24 hours. The trading volume for FIL prices is currently at $270,062,426 while the market cap is at $1,561,696,842 The digital asset is currently ranking at position 38 in the overall market as it dominates with a market share of 0.140642 percent.

Filecoin price action on a 1-day price chart: FIL/USD faces resistance at $8.11

The 1-day Filecoin price analysis chart shows a market in which bearish is currently in control after prices dipped to as low as the $7.33 support level. Prices have been facing resistance at the $8.11 level for the last 24-hours and a bearish run had sent prices tumbling lower. However, the $7.33 support level seems to be strong enough to hold prices and a bullish reversal is currently underway.

image 32
FIL/USD 4-hour price chart, source: TradingView

The Relative Strength Index for the FIL/USD pair currently stands at 54.31 and is indicative of a market that is neither overbought nor oversold. The MACD indicator is also in bearish territory but is slowly moving towards a bullish crossover. The EMA ribbon, on the other hand, is giving a bullish picture as the ribbon is currently stacked in order of descending periods.

Filecoin price analysis on a 4-hour price chart: Minor bearish pressure on the digital asset

A bearish trend is seen on the 4-hour Filecoin price analysis chart as the digital asset currently trades below the $8.11 resistance level. A descending channel is also formed as prices are currently trading around the $7.80 mark. The $7.33 support level is still holding strong, but a break below this level could see prices head towards the $6.88 support level.

image 30
FIL/USD 4-hour price chart, source: TradingView

The RSI indicator for the FIL/USD pair currently stands at 45.91 and is indicative of a market that is in bearish territory. The MACD indicator is below the 0.00 level but is slowly moving towards a bullish crossover. The EMA is below the price action and is currently stacked in order of descending periods.

Filecoin price analysis conclusion

Filecoin price analysis today indicates a continued downtrend as bulls try to defend the $7.33 support level. Bears have been adamant in dragging the prices below the $8 level. The digital asset is currently trading between the $7.33 and $8.11 support levels. The buyers will have to push through the $8.11 level for any further gains in price. A bearish run could see prices head towards the $6.88 support level.

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

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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