Filecoin price analysis shows a strong bearish day ahead. Filecoin has been hovering around a local resistance of $3.03. Towards the closure of yesterday’s market, FIL/USD showed highly bearish reactions in price as FIL sought support at 2.93. Filecoin is trading at a range of $2.93 to $3.30. Filecoin’s current price is $2.95 with a bearish overtone. The seller’s pressure is increasing as we can note a huge bearish engulfing pattern that was formed on the 4-hour chart, However, the bullish momentum is still intact and if it breaks the local resistance of $3.03 in the coming hours, we can expect a bullish breakout.
Other cryptocurrencies recorded a bullish trend return in the last 24 hours. Bitcoin and Ethereum have also recorded slow progress with 0.36 percent and 0.42 percent, respectively. Other altcoin prices are experiencing both bullish and bearish trends.
Filecoin price movement in the last 24 hours: FIL consolidates near $2.95
Filecoin price analysis shows the pair has been undergoing stress movements in the last 24 hours, especially during the initial phase of the current crypto crash. The market seems unrelenting as most cryptocurrencies are trading in the red. The FIL/USD pair has moved to touch a low of $2.95 which represents a new low on the daily charts.
The EMA ribbons are pointing down and the MACD histogram is still far from the zero line. Currently, FIL/USD is trading near $2.95 and seems to be consolidating around the same level. The relative strength index is also in bearish territory and is pointing downwards. The MACD is at 0.344, and the signal line is at -0.365.
FIL/USD 4-hour chart: A bearish triangle pattern is forming on the chart
Looking at the Filecoin price analysis shows a bearish triangle pattern is seen. The lower trend line of the triangle has been tested several times, but the buyers are unable to break above it. Filecoin’s price movement has been bearish recently. The bulls have joined in restraining themselves from further downward movement in the last 24 hours as the price hovers around the resistance of the $3.03 mark.
The Exponential Moving Averages are also pointing downwards at the time of writing. The EMA 20 and EMA 10 have crossed below the EMA50. The Relative Strength Index is also in bearish territory and is pointing downwards. The MACD has formed a bearish crossover with the MACD histogram still far from the zero line. This indicates there is no clear momentum in either direction and more consolidation is likely.
Filecoin price analysis conclusion
Filecoin price analysis has firmly established that the coin is in a bearish trend. The triangle pattern has been tested several times, but buyers are unable to break above it. The support of the $2.93 mark is currently preventing further losses, but it won’t last forever. Bulls will need to gain some strength soon in order to start a new uptrend. Until then, investors should be prepared for further losses in the coming days.