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Filecoin price analysis: Bulls rescue price above $5.34 after a swift upturn

Filecoin price analysis

Filecoin price analysis shows a bullish trend in the FIL/USD market. The cryptocurrency has seen an upturn, bringing its value to $5.34 at the time of writing. The digital asset has increased by 1.03% in the past 24 hours, following a sudden upturn in the market. The FIL/USD pair has also seen an increase of 4.48% in the past seven days and a rise of 13.34% in the past 30 days. The market capitalization of Filecoin currently stands at $1.68 billion and the 24-hour trading volume is $186 million.

Filecoin price analysis 4-hour price chart: FIL value successfully tops $5.49 resistance after uplift

Looking at the Filecoin price analysis on the 4-hour chart, the cryptocurrency has broken through a descending trendline and is facing resistance at the $5.49 mark. However, there is also support present at $5.23, indicating that Filecoin could maintain its current level or even continue climbing higher. The bulls may also try to push the digital asset past the $5.49 level and aim for higher levels of resistance at $5.70 and $6.09.

image 388
FIL/USD 4-hour chart: Source Trading view

The Bollinger bands are diverging, which means that the volatility is increasing, and the price might experience a fall in the near term. The upper Bollinger band is now at the $5.48 level, and the lower Bollinger band is at $4.84. The Relative Strength Index (RSI) graph shows a downward slope, and the index has receded to 61.78 because of previous trends. The price is still quite low if we compare it to its moving average (MA) value of $5.30.

FIL/USD 1-day price chart: Price towers above $5.34 after an upward strike

The one-day Filecoin price analysis shows signs of a slight recovery in coin value, as the price curve took an upturn in the last 24-hours. This is being confirmed by the improvement in price, as it is now standing at a $5.34 high. In the prior weeks, the bears remained in the leading position, but today, the buyers changed a bit.

image 387
FIL/USD 1-day chart: Source Trading view

The Bollinger bands on daily timeframes have also widened, showing increasing volatility in the market. The upper band is currently at $5.431 and the lower band is at $4.85. The Relative Strength Index (RSI) has receded to 40.80 because of previous price movements, but it remains above the midline, indicating that the buyers may still hold some control in the market. The moving average indicator is also showing an uptrend, with the 50-day MA at $5.35 and the 200-day MA at $5.43.

Filecoin price analysis conclusion

To conclude, Filecoin price analysis shows a rising possibility of an upturn in price. The bullish momentum gained stability in the past 24-hours, as the price stepped up to $5.34. Further improvement is to follow if the buyers show consistency with their efforts if they aim to break through the resistance at $5.49 and possibly push the FIL/USD pair higher.

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.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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