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Filecoin price analysis: Bears keep the downward trend  as the price drops to $2.96

filecoin

TL;DR Breakdown

  • Filecoin price analysis shows a bearish trend
  • Support for Filecoin prices is present at $2.94
  • Filecoin price is facing resistance at $3.28

Filecoin price analysis for December 28, 2022 shows that the cryptocurrency is on a strong downward trend today. The FIL/USD pair price has fallen to $2.96 as a result of a negative trend and has dropped by 0.04% for the last 24 hours. The decline is massive and has had a negative impact on the overall value of cryptocurrencies over the last few hours, making the bears extremely successful. However, as seen from the price chart, recent advancement is in the bears’ favor. The token has a trading volume of $204,005,622 and a market capitalization of $1,044,574,751.

Filecoin price analysis 1-day chart: Bearish momentum continues

A daily price chart shows that the market for the FIL/USD pair is falling as selling pressure grows. The price of the digital asset fell by almost 0.04 percent the previous day and the FIL/USD pair is currently showing strong bearish momentum. This demonstrates that the FIL/USD pair is trading at $2.96 and is in a downward trend. Price is now bumping up against $3.28 resistance after dropping below the $2.94 mark. After having a breakout downwards today, the price has been covering a range downwards from the beginning of the trading session and even in the previous hours.

image 545
FIL/USD 1-day price chart, Source: TradingView

The upper limit of the Bollinger Bands Indicator is standing at $5.3427 point, whereas the lower limit is standing at $5.1105edge. The relative strength index (RSI) value is currently at 26.50, which shows that the current momentum is quite weak and the selling pressure is dominant. Moreover, the MACD line is below the signal line, which shows that the downward trend of FIL/USD is going to continue in the near future.

FIL/USD on 4-hour price chart: Firm bullish sentiment forms

The 4-hour Filecoin price analysis shows that the price has increased and that the bulls have now gained control of the market because they have consistently fought for the lead and driven the price up to the $2.97 level. The coin was earlier declining, thus the bulls were finally able to avoid the current bearish trend. In the upcoming hours, another price increase is also anticipated.

image 544
FIL/USD 4-hour price chart, Source: TradingView

Looking at the technical indicator, the Moving average convergence and divergence (MACD) line are now in the bullish zone, which shows that the price may remain consistent in its upward trajectory. The relative strength index (RSI) is now at 53.33, indicating that the market is neither overbought nor oversold. The Bollinger band’s upper band, or $3.132, represents the FIL price’s greatest resistance. Bollinger’s band’s bottom boundary, which represents FIL’s strongest support, is at $2.861.

Filecoin price analysis conclusion

In conclusion, the filecoin price analysis shows that the prices have been moving down today. Previously, the trend favored bears, but now that the situation has reversed, bulls are in charge of the market. It will be fascinating to observe whether the bulls can overcome the $3.28 resistance 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.

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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