Filecoin price analysis: FIL rises to $5.37 once more, correction ahead?

Filecoin price analysis: FIL rises to $5.37 once more, correction ahead?

TL;DR Breakdown

  • Filecoin price analysis is bullish today.
  • Support for FIL is present at $4.95.
  • Resistance is present at $5.43.

Given that the price of Filecoin has significantly increased today as well, the most recent Filecoin price analysis shows indications of a bullish trend. Since the selling pressure appeared to be much more above the current price level, FIL has been in correction for the last three days. However, today’s bullish upsurge has helped to recoup some of the lost value as the coin value has increased to $5.37.

FIL/USD 1-day price chart: bullish momentum returns after a break

The 1-day Filecoin price analysis reveals that today’s price movement is in upwards direction. The coin is now being sold for $5.37 at the current time due to a rise in price. Even though FIL was rebuffed at this level on January 22, 2023, and then again on January 25, 2023, the price has yet to break over the $5.43 level barrier, but the cryptocurrency pair nevertheless managed to increase 6.95 percent during the last week. If bulls maintain their momentum throughout the day, the price should increase much more. Despite the selling pressure this week, the FIL/USD has been able to keep its price level.

FIL/USD 1-day price chart. Source: Tradingview

As long as volatility is strong, price fluctuations will continue to be significant, and the Bollinger Bands average has reached $5.30. The Bollinger Bands Indicator’s upper and lower values are $5.92 for the upper end, which represents the highest resistance, and $3.59 for the lower end, which represents the strongest support. After today’s bullish efforts, the Relative Strength Index (RSI) has also risen up to index 66 once more, and it is still hovering close to the overbought area.

Filecoin price analysis: Recent developments and further technical indications

The bullish trend is also supported by the 4-hours Filecoin price analysis, which shows a significant rise in the FIL/USD market value. Even though the bulls had earlier commanded market trends, the bears were able to impede price function over the past four hours, but the correction is still insufficient. However, the upward price oscillation has now been halted because there is selling pressure above the current price level. The most recent positive activity has caused the price to move up to $5.37.

FIL/USD 4-hour price chart. Source: Tradingview

Right now, the moving average’s value is $5.35. Given the low volatility, there is a strong likelihood that price fluctuations may calm down; nevertheless, this depends on the state of the market. The Bollinger Bands Indicator’s upper limit, which represents resistance for the price of FIL, is at $5.48, while its lower limit is $5.23. After the price climbed high over the first four hours, the RSI score also increased to index 53, but now the indicator is flattening out as there seems to be selling pressure.

Filecoin price analysis: Conclusion

The Filecoin price analysis is bullish today because, despite the current correction, the bullish momentum is anticipated to continue in the hours to come because the correction doesn’t yet appear to be getting stronger. As a result, we anticipate FIL/USD to move higher for today in order to retest the resistance located at the $5.43 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.

Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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