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Filecoin price analysis: FIL prices fluctuate around $8.67 after a bearish run

Filecoin price analysis
TL;DR Breakdown
  • Filecoin price analysis is bullish today
  • Filecoin prices are facing resistance at$8.97
  • FIL/USD has found support at $7.47
image 218
Cryptocurrencies prices heatmap, source: Coin360

Filecoin price analysis is presently bullish as the coin price fluctuates around$8.67 after a bullish run yesterday. On the 4-hour chart, the bulls had taken control of the market as they pushed prices from $7.47 to break above the $8.00 resistance barrier. The bulls were further successful in pushing prices to highs of$8.97 before facing some seller congestion. The sellers have since taken control of the market and pushed prices back below the $8.97 level. At the time of writing, FIL/USD is trading at $8.67.

Analysis of the market indicates that Filecoin price is likely to continue its bullish run in the near term. However, if the bulls fail to push prices above the $8.97 resistance level, the market may retrace back to support at $7.47.It is expected that the bulls will take control of the market and push prices to new highs above the $8.97 resistance level.The trading volume for Filcoin prices is currently at $610,108,458 while the market cap is at $1,766,930,547.The digital asset is currently ranking at position 30 on the overall market.

24-hour Filecoin price analysis: Bullish signals emerge

Filecoin price analysis on the daily chart shows FIL prices have made major changes in the last 24 hours. The FIL has risen by about 3.4% in value against the USD and currently fluctuates around $8.67. Against BTC, the digital asset is up by 5.2% and presently changes hands at $0.00001448. The 4-hour and the daily charts indicate that Filecoin’s price is in a bullish trend as the Relative Strength Index indicator is above 60 levels, which indicates that the market has enough room to continue its upward move. The MACD is also crossing the red signal line from above, which suggests that the market is gaining more buyers than sellers.

image 220
FIL/USD 1-day price chart, source: TradingView

On the downside, if the price finds support at $7.47, it may rise to retest the $8.97 resistance level. However, a breakout above this level could see prices rallying to new all-time highs above $10.The EMA indicator also suggests that the bulls are in control of the market as prices are trading above both the 50-day and 100-day EMAs.

Filecoin price analysis on a 4-hour price chart: Recent development and further technical indications

The 4-hour Filecoin price analysis shows an up-trend as the bulls have been in leading in control of the market for the last 4-hours. The market has been able to make higher highs and higher lows, which is an indication that buyers are still in charge. The bullish momentum has successfully led price action from lows of $7.47 to highs of $8.97 before some seller congestion was experienced around this level.

image 219
FIL/USD 4-hour price chart, source: TradingView

The Relative Strength Index indicator shows that the market is in the bullish territory as the indicator line is above the 60 levels. This suggests that there is enough room for prices to continue their upward move. The MACD is in an uptrend as the signal line and the histogram are above the zero lines. This suggests that prices may continue their upward move in the near term. While EMA score also suggests that the bulls are in control as prices are trading well above both the 50-day and 100-day EMAs.

Filecoin price analysis conclusion

In conclusion, the Filecoin price market is expected to continue its upward move as technical indicators suggest that the bulls are still in control of the market. However, if the price finds support at $7.47, it may rise to retest the $8.97 resistance level. A breakout above this level could see prices rallying to new all-time highs above $10.The price is now settling at the $8.67 mark, and hourly price prediction also predicts a similar trend. Overall the day seems good from an intraday trading perspective.

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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