Filecoin price analysis has remained bearish today after the price set a local high at $9.47 two days ago and immediately dipped after facing high resistance. Yesterday, it remained slightly bullish and remained balanced for the most part. But today the negative sentiments look quite high in the Filecoin market. So, where is it headed next? Let’s discuss!
To understand the overall market sentiment, let us analyze the crypto heat map above. We can see most of the coins in the red zone, including the two major coins, Bitcoin and Ethereum. Since these two coins predominantly run the crypto market, it makes sense that other altcoins are also in the reds.
Now, onto the one-day Filecoin price analysis. We can see Filecoin making a local high at $9.475 two days ago. However, by yesterday, the RSI was peaking, and a correction was expected in the market. Today we can see that the RSI line has a negative gradient and is pointing steeply down, although the Filecoin market is still quite overbought. So, it is likely for its price to further dip down in the next few hours.
Filecoin 24-hour price movement
In the last 24 hours, Filecoin has remained quite volatile and peaked at $8.67. Currently, the price is hovering around $8.2 as the market struggles to overcome the bearish tendencies. At the same time, a 24-hour low was formed at $7.69.
Overall, Filecoin’s market cap reduced by 0.64 percent today while the trading volume went down by 14.11 percent. Based on this, the 24-hour volume to market cap ratio is now at 0.2394.
4-hour Filecoin price analysis: is Filecoin going to dip further?
Well, it is quite likely that Filecoin will dip further in the next few hours since the RSI on the 4-hour chart and daily chart shows overbought conditions. So, a correction is likely to happen. Combine that with the overall bearish sentiments of the market, there is high chance for the price to dip more in the next 24 hours. So, this might not be the best time to buy Filecoin.
Filecoin price analysis: Conclusion
Based on the fact that the RSI for Filecoin is quite high and the market is bearish today, this would not be the best time to invest in Filecoin for any short-term profits. But to know about the long-term picture, we suggest reading our Filecoin price prediction.
