Filecoin price analysis: FIL/USD depreciate to $5.19 after a bearish run

Filecoin price analysis

Filecoin price analysis reveals that the FIL/USD depreciated to $5.19 after a bearish run. The coin has lost 2.26% in the last 24 hours as the bearish momentum continues. The 24-hour trading volume for FIL/USD is at $162 million, indicating a lack of bullish momentum in the market. The total market capitalization for FIL/USD stands at $1.62 billion and is ranked at 35 positions in the market list. 

Filecoin price analysis 1-day price analysis: Price action remains bearish

Filecoin price analysis on a 24-hour indicates that the token started the day at $5.35 and continued to depreciate throughout the day, reaching a low of $5.19. The price currently trades around the $5.20 level, with bearish pressure still affecting the token’s price movement. Looking ahead, if the FIL/USD can break above the strong resistance at $5.37, it may see further upward momentum. However, if the bearish pressure continues, the token may see further depreciation.

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FIL/USD on a 1-day price chart, Source: TradingView

The MACD indicator shows bearish momentum as the MACD line crosses below the signal line. The RSI indicator is currently at 41.75, indicating that FIL/USD is approaching oversold levels. The Moving Average (MA) shows a bearish cross as the 50-day MA crosses below the 200-day MA. 

FIL/USD 4-hour price analysis: Filecoin price consolidates at $5.19

The hourly Filecoin price analysis shows that the token had a bearish start to the day, trading at $5.35. However, it saw some upward momentum and traded as high as $5.37 before facing resistance and dropping back down to its current price level of $5.19. The market for FIL/USD has been largely consolidating at this level, with no clear indication of where the price may go in the short term. 

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

The MA is at $5.26, indicating a slight bearish bias in the near term. The signal line for MACD crosses below the MACD line, indicating bearish momentum. The relative strength index (RSI) is currently at 58.75, indicating that it is in bearish territory.

Filecoin price analysis conclusion

Overall, the Filecoin price analysis shows that the altcoin is currently facing bearish pressure and is trading at $5.19. The hourly and daily chart show bearish movements, and the indicators point to a continuation of this trend in the short term. However, the Filecoin price may see growth in the near term as it continues to gain traction in the decentralized storage market.

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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