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.
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.
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.
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.