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Filecoin price analysis: Will FIL/USD test the support at $4.0 soon?

Filecoin price analysis FIL jumps to Correction to follow

Filecoin price analysis has been quite bearish today. The price reached a high of $4.742 today followed by a low of $4.256, before reaching the current closing price of $4.285. This might be the start of a downtrend from here and there is potential for Filecoin to further go lower in the next few hours.

Crypto heat map
Cryptocurrency heat map by Coin360

The crypto heat map above shows that the entire market is in the reds. Ethereum has fallen by 3.63 percent while Bitcoin has also gone lower by 2.84 percent in the last 24 hours. Altcoins like Acalanche, Solana, and Polkadot are even deeper into the reds. It is clear that the bearish sentiments have completely overtaken the market today.

1-hour Filecoin price analysis
Filecoin Price Chart by TradingView

The 1-day Filecoin price analysis chart shows us the overall trend. Filecoin has recently set a resistance at $4.992 after which it started falling. As of now, the next support level is set around $4.092. At the same time, the RSI is currently touching the 60s with a heavily negative gradient, indicating downwards momentum.

Filecoin 24-hour price movement

Exactly 24 hours ago from now, Filecoin price analysis chart closed at $4.683 on the hourly timeframe. As of now, it is closing $4.294, hence indicating a decrease in the overall price. Overall, the market cap of Filecoin has gone lower by 7.74 percent in the last 24 hours. Its 24-hour trading volume has also decreased by 0.87 percent. So, the overall, 24-hour volume to market cap ratio is set at 0.1299.

But where is it headed next? As of now, it appears that Filecoin is header towards the downside. On the smaller time frame, it might test the local support at $4.092 soon.

4-hour Filecoin price analysis: Where is FIL/USD headed to?

4-hour Filecoin price analysis
Filecoin Price Chart by TradingView

The 4-hour Filecoin price analysis chart shows us that FIL/USD is consistently header towards the downside. The MACD indicator is also heavily bearish while the RSI line is giving a strongly negative gradient. For now, the local support is at $4.0 and it appears that FIL/USD can test it in the next 24 hours.

Filecoin price analysis: Conclusion

This may not be a good time to buy Filecoin due to the fact that the market is noticeably bearish and there seems to be no indication of improvement. Of course, the conditions might change over the next few hours but for now, short-term investors are better off delaying a purchase. But if you are interested in investing in Filecoin for the long-term, consider reading our detailed Filecoin price prediction.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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