Filecoin price analysis: FIL retreats to the $6.7 handle after a bearish opening day

Filecoin Price analysis

TL;DR Breakdown

  • Filecoin price analysis is bearish
  • FIL has retraced lower today after a strong bearish opening day.
  • Filecoin’s support is present at the $6.7 handle, which is now being tested by sellers.

Recent Filecoin price analysis reveals the altcoin has been stuck in a bearish downtrend after opening the daily trading session at a high of $7.41. The price has since fallen to the $6.7 support level, signaling a possible reversal in bearish sentiment. The bearish market sentiment has pushed the prices to the current trading price of $6.70.

image 39
Cryptocurrencies price heatmap:Coin360

The Fibonacci retracement levels of the previous high and low of $7.41 and $6.17, respectively, show that the price is currently stuck at a 61.8% Fibonacci retracement level. This suggests that there could be a possibility of a bearish reversal if the support does not hold up any further.

FIL/USD daily chart analysis: Bearish candle close

The Filecoin price analysis shows that the daily candle has closed in a bearish direction. The price broke through the $7.07 support level but is currently trading above the $6.7 mark, indicating strong buyers’ interest at this level. The SMA 50 and 20, along with the MACD indicator all point towards a bearish direction in the near term.

image 38
FIL/USD 1-day price chart, Source: TradingView

The RSI is currently trading at 37, indicating that there may be some buying pressure present on the market. Price rebound is potential if buyers can defend the $6.7 support level and push above the $7 mark; a bullish trend could be in store for FIL/USD. It is worth noting that if sellers manage to keep their momentum going, there are potential support levels at $6.17 and $5.50, which could provide some respite from the bearish pressure in the near term.

Filecoin price analysis on a 4-hour chart: Bears control the market

The 4-hour chart for Filecoin indicates that bears are in control of the market. The price is trading below all major levels of support, with SMA 50 and 20 trending bearishly. The MACD indicator has also crossed into a bearish region.

image 37
FIL/USD 4-hour price chart, Source: TradingView

The RSI is currently at 34, indicating that buyers have lost momentum in the near term and that the price could continue to decline if sellers maintain their control over the market. The potential support levels are at $6.17, $5.50, and $4.75, which could provide some respite from bearish pressure in the short term.

Filecoin price analysis conclusion

Overall, Filecoin price analysis reveals that FIL is currently tucked in bearish territory and could remain so for some time if buyers fail to break through the $7 level. If sellers manage to keep their momentum going, the potential support levels of $6.17 and $5.50 could provide a lifeline to FIL/USD in the near term.

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.

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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