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Filecoin price analysis: FIL/USD gains tremendous value at $6.44

Filecoin price analysis
TL;DR Breakdown
  • Filecoin price analysis shows a bullish trend
  • FIL/USD support is present at $5.71
  • Filecoin price is facing resistance at $6.54

Filecoin price analysis shows that the FIL/USD pair has gained a tremendous value in the recent past and is currently trading at $6.44. The price action is likely to continue in the near future as the support present at $5.71 is very strong. However, the price may face some resistance at $6.54. Overall, the bias is bullish for the near future.

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 nearly 11.73 percent in this time. The market capitalization for the coin stands at $1.75 billion, while its trading volume over the past 24 hours has been $446 million.

1-day Filecoin price analysis: FIL/USD trades at $6.44 after a bullish run

The 1-day Filecoin price analysis shows that the FIL/USD pair has been trading in a range of $5.71–$6.54 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 32
FIL/USD 1-day price chart, Source: TradingView

The 50 MA is well above the 200 MA, which is a sign that the path of least resistance is to the upside. The RSI indicator is also in bullish territory, which shows that the bulls are in control of the market momentum. The upper limit of the Bollinger Band indicator is $6.90, which shows that there is some room for prices to move higher in the near future. The lower limit of the Bollinger Band indicator is $5.71, which is also close to the support level of $5.71.

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 $5.71 and has made a high of $6.54, but the bulls were unable to sustain these prices and the coin pulled back to its current price level of $6.44.

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

The 50 MA is currently at $5.97, and the 200 MA is at $5.70, which clearly shows that the path of least resistance is to the upside. The RSI indicator is also in bullish territory and is currently at 60. The Bollinger bands indicator has expanded, which shows that prices may continue to move higher in the near future.

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 $6.54, and if they can break through this level, prices may move higher towards the $7.00 level. and a break below the $5.71 support level may see prices retrace to the $5.50 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.

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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