- FIL breaks $120 support.
- Further downside rejected around $190.
- Closest resistance around $130.
Today’s Filecoin price prediction is bullish as the market spiked below $90 overnight and currently prepares to regain most of the loss. Therefore, we should see FIL/USD move higher over the next few days.
The overall market trades in the red today. The market leader, Bitcoin, has moved below the $50,000 mark, with a loss of 14 percent. Ethereum has seen similar price action and has lost even more. Filecoin is among the worst performers, with a loss of around 20 percent.
FIL/USD opened at $142.9 after a slight bearish close yesterday. Overnight FIL spiked to the $88 mark, where bulls quickly picked up any selling pressure, resulting in a quick move back to the $120 mark. Therefore, we expect FIL/USD to move higher over the next few days as bulls look to regain most of the loss.
Filecoin price movement in the last 24 hours
The FIL/USD price moved in a range of $91.44 – $141.14, indicating severe volatility. 24 trading volume has decreased by 19 percent and totals $3.34 billion. The total market cap trades around the $8 billion mark, placing the cryptocurrency in 23rd place overall.
FIL/USD 4-hour chart – FIL trades around $115 after strong rejection for further downside overnight
On the 4-hour chart, we can see Filecoin price moving lower over the past hours to establish a higher low from which to push higher later this week.
The overall market continues retracing after setting a new all-time high at $237 on the 1st of April. Since then, the market has lost more than 60 percent of the low, around $88. However, this loss is a result of several weeks of slow retracement.
At first, Filecoin price dropped 40 percent and found support above the $130 mark. Over the following days, resistance was found around $190 and later retested. The $130 support was retested twice – first on the 18th of April and second, on the 22nd of April, indicating that the bearish momentum is exhausted.
From there, FIL/USD moved sideways around the $130-$160 range for several weeks until a slow push lower started at the beginning of May. Yesterday the Filecoin price approached $130 support once again – this time with a clear break below. Overnight FIL/USD continued dropping until a sharp spike to the $88 mark, resulting in another drop of almost 50 percent from the $167 swing high.
Therefore, FIL/USD has retraced most of the gains seen over the past months, and the market is likely to resume with another long-term upswing higher over the next months. First, Filecoin has to regain the previous major support level of $130, which will act as a resistance.
Filecoin Price Prediction: Conclusion
Filecoin price prediction is bullish as the market experienced a strong spike lower overnight, from which FIL returned towards the $120 mark. Therefore, after a higher low is established later today, we should see further upside later this week.
While waiting for further Filecoin price action development, read our guides on other great altcoins – Monero and Ethereum Classic. Additionally, see our step-by-step investing in cryptocurrencies guide.
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.