Filecoin price analysis: FIL shows bearish at $5.12 as selling pressure intensifies

Filecoin price analysis

TL;DR Breakdown

  • Filecoin price analysis shows a bearish market
  • FIL/USD feces rejection at the $5.56 level
  • Support for Cryptocurrency is seen at $5.08

Today’s Filecoin price analysis shows a decrease in price, dropping from $5.56 to $5.12 in the last 24 hours. This is a result of increased selling pressure that has been ongoing for several days. The FIL/USD pair is currently facing strong rejection at the $5.56 level, which was the current level for the past two days.

Despite the recent drop, there is still good support for Filecoin at $5.08, which is currently acting as a strong psychological level. This may indicate that buyers are still trying to prop up FIL in order to take advantage of its current low price.

Looking ahead, it will be important to monitor the $5.56 resistance level, as buyers could potentially use it to push the price up closer to $6. If the bulls can break through this level, there is potential for FIL prices to continue on an upward trajectory. On the other hand, if sellers remain in control of the market, we may see a further decline in Filecoin’s value.

FIL/USD 4-hour chart: Filecoin trades in a descending channel, with strong resistance at $5.56

Looking at the 4-hour chart for Filecoin price analysis, FIL is currently trading within a descending channel, with a decrease in price down to the $5.12 area. The marker has formed two consecutive lower highs and three lower lows, indicating a bearish trend. The moving average indicator also supports this trend as the 50-day MA has crossed below the 200-day MA, indicating a bearish crossover.

image 636
FIL/USD 4-hour price chart, Source: TradingView

The volatility in the cryptocurrency market has also seen an increase recently, with the Bollinger bands narrowing as the price swings in a range. The upper Bollinger band is currently at $5.518, indicating a strong resistance level for Filecoin, while the lower band sits at $5.206, which suggests a possible support level. The RSI is currently at 51.75, indicating a neutral market.

Filecoin price analysis 24-hour chart:  FIL/USD facing strong resistance at $5.56

The one-day Filecoin price analysis chart shows FIL/USD trading in a narrow range between $5.56 and $4.69. The price is currently facing strong resistance at the $5.56 level, where sellers have been pushing the price back down over the past two days. The bullish was in the market early today, pushing the price up to $5.56, but the rally was short-lived as sellers quickly took control of the market.

image 637
FIL/USD 24-hour price chart, Source: TradingView

The moving average indicator is currently at $5.340, indicating a decrease in the market. The RSI is also currently at 68.05, which suggests that the price could continue to move sideways in the near term before making any significant changes. The volatility in the market has also increased, with both upper Bolinger bands and lower Bands tightening.

Filecoin price analysis conclusion

Filecoin price analysis concludes that FIL/USD is trading in a bearish trend, with market sentiment remaining bearish as the price struggles to break through the $5.56 resistance level. The bulls have failed to take control of the market, and buyers are failing to support FIL at current levels.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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