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Filecoin price analysis: FIL/USD breaks out at $5.96 as bullish succession continues

Filecoin price analysis
TL;DR Breakdown
  • Filecoin price analysis shows a bullish trend
  • FIL/USD support is present at $5.60
  • Filecoin price is facing resistance at $6.19

Filecoin price analysis reveals that the FIL/USD pair has started to gain bullish momentum after a period of consolidation at around $5.60. The daily chart shows that the price has broken out of a descending triangle pattern and is currently trading at $5.96. The breakout from the pattern suggests that the bulls are in control and that the price may continue to rise in the near term. The resistance level for the bulls is at $6.19. On the downside, support is present at $5.60.

The cryptocurrency market has been seeing a lot of positive momentum in the last 24 hours, with most major assets seeing significant gains, the price for the coin has increased by 6.58 percent in the last day. The market capitalization currently stands at $1.46 billion and the 24-hour trading volume is over $344 million.

1-day Filecoin price analysis: FIL/USD trades at $5.96 after a bullish run

The 1-day Filecoin price analysis shows that the FIL/USD pair has been trading in a range of $5.60–$6.19 for the past few hours, and it looks like the bulls are slowly gaining control of the market as they push prices up from the lower end of the range. The market has been able to make higher highs and higher lows, which is a sign of bullish momentum.

image 294
FIL/USD 1-day price chart, Source: TradingView

The Moving Average Convergence Divergence line is on the brink of a bullish crossover, which is a positive sign for the market. The MACD histogram is also in green, which indicates that the bulls have the upper hand in the market at the moment. The Relative Strength Index is currently near the 50-level, which indicates that the market is neither overbought nor oversold.

The Bollinger Bands are also expanding, which is indicative of increased market volatility. Overall, the technical indicators in the 24-hour Filecoin price chart are giving up bullish signals, which supports the current uptrend in the market.

Filecoin price analysis on a 4-hour price chart: Recent development and further technical indications

The hourly chart for Filecoin price shows that the FIL/USD pair has formed a bullish flag pattern, which is a continuation pattern. The breakout from this pattern suggests that the bulls are in control of the market and that prices may continue to rise in the near term. The coin today started trading at $5.85 and has made a high of $6.19, but the bulls were unable to sustain these prices and the coin pulled back to its current price level of $5.96.

image 293
FIL/USD 4-hour price chart, Source: TradingView

The MACD line is above the signal line, which indicates that the bulls are in control of the market momentum. The Relative Strength Index on the 4-hour price chart is currently near the 60-level, which indicates that the market is in the overbought region. However, since the RSI is not at extreme levels, there is still some room for prices to move higher. The bulls have been in control of the market has the Bollinger Bands are moving above the candlesticks.

Filecoin price analysis conclusion

In conclusion, Filecoin price analysis reveals that the bulls are in control of the market and that prices may continue to rise in the near term. The technical indicators on the 4-hour and 1-day charts are both giving bullish signals, which suggests that prices may continue to rise in the near term. The next level of resistance for the bulls is at $6.19, and if they can break above this level, we could see prices move higher towards the $6.50-level. On the downside, support is present at $5.60 and if prices move below this level, we could see a test of the $5.30-level.

joel

joel

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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