Filecoin price analysis shows bears taking control over the past 24 hours, as price fell almost 3 percent to move as low as $5.19. With today’s decline, FIL fell down from its month-long high of $5.76. Filecoin enjoyed a positive run that initiated on January 19, with price at $4.23. Since hitting the $5.76 high on January 22, price has shown greater volatility as it oscillated around the $5 mark. Price currently sits in the hands of bears, with the current support mark set at $3.
The larger cryptocurrency market showed minor dips across the board, as Bitcoin fell below the $23,000 mark, and Ethereum dropped 3 percent to move down to $1,500. Among leading Altcoins, Ripple dropped 1 percent to $0.40, as Dogecoin stayed at its $0.08 price point. Meanwhile, Cardano dropped to $0.38, and Polkadot dipped 2 percent to move down to $6.36.
Filecoin price analysis: Price falls but remains above important moving averages
On the 24-hour candlestick chart for Filecoin price analysis, price can be seen dropping over the past 24-48 hours to record consecutive red candlesticks for the first time since January 15. Despite the minor dip, price remains above the 50 and 100 DMA and the important 50-day exponential moving average (EMA) at $5.13. With the next major resistance set at $8, FIL price can be expected to correct further before the next rally.
The 24-hour relative strength index (RSI) can be seen trending downwards along with price, with current levels set above the 60 mark. The RSI is expected to drop further if sellers continue to dominate price action. Moreover, the moving average convergence divergence (MACD) curve also shows a bearish divergence in place with the trend line approaching the signal line. The trading volume over the past 24 hours rose 11 percent, consisting majorly of selling action to further support the bearish sentiment.
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