Filecoin price analysis: FIL bounces back to $ 6.06 as bearish momentum continues

Filecoin price analysis

TL;DR Breakdown

  • Filecoin price analysis shows a bearish trend
  • Resistance for FIL is present at $6.31
  • The price has decreased to the $6.06 range

The Filecoin price analysis is in favor of bears for today; the price has been decreasing for the past few days, and the trend line is downward as the bears have been successful in maintaining their lead. A downtrend has been observed today as well, as the price has come down to the $22.6 level as the coin is continuously getting negative sentiment from the market. It is also expected that the price function may remain bearish in the upcoming hours as well.

The trading volume has also decreased in the past few 24 hours, currently trading at $204 million, while then the market cap is at $2.39 billion, making it the 28th largest cryptocurrency ranked by market cap.

FIL/USD 1-day price chart: Bears continue defining the price curve

The 1-day Filecoin price analysis indicates confirms a bearish price movement for today, as the price has decreased up to $6.06. The decrease in price value is substantial as the coin lost 2.98 percent value during the last 24 hours, and the cryptocurrency also shows a huge loss of 11.17 percent over the past week as the bears have been in the driving seat. The price has been experiencing a fall for the past few weeks, with bullish interruptions as well. The bears have been able to bring the price down again in the last 24 hours after gaining momentum.

image 91
FIL/USD 1-day price chart, Source: TradingView

The price has also been trading below the moving average (MA) value as well which is at $6.70. The MACD suggests a bearish trend as well, and the MACD line is below the signal line. The histogram is also in the red zone which continues to indicate a bearish trend. The RSI is also seen to be below the 50 median lines and is at 46.09, suggesting that the price may continue to fall down further in the upcoming hours as well.

Filecoin price analysis 4-hour chart: Bearish maintains lead at $6.06

The 4-hours Filecoin price analysis is declaring the bearish supremacy as the price has been covering a range downwards from the start of the trading session and even in the last four hours, after getting a breakout downwards today. In the past few hours, a downward trend has been observed as the price has moved down to the $6.06 level. The price has dropped significantly as the bears are gaining strength.

image 92
FIL/USD 4-hour price chart, Source: TradingView

In the 4-hour price chart, the moving average is trading at $6.18, above the price level. The 50-day MA is still above the 100-day MA, indicating that the price may remain bearish in the near future. The Moving average convergence divergence suggests a bearish trend on the chart as the MACD line is below the signal line. The histogram also confirms that sentiment with red bars is aligned in favor of bears. The RSI level has decreased to an index of 34.13 because of the selling activity observed since yesterday.

Filecoin price analysis conclusion

The Filecoin price analysis report is in favor of the bears at the time of writing. Most of the technical indications are also bearish, and the price momentum is downward right now. The support level has decreased to $6.06, and the resistance level is currently present at $6.31. The price may show a bullish sentiment if the bears are not able to keep up with their strength in this situation. Until then, it is recommended that traders stay cautious while trading FIL coins as any wrong move could lead to hefty losses in investments.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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