Filecoin is bullish for the next 24 hours

35 m

Reading time: ~3 m

  • Filecoin price analysis is bearish today.
  • FIL/USD retraced lower over the last 24 hours.
  • Filecoin is currently trading at $64.

The $66 previous high has served as a significant price barrier for FIL/USD, pushing the Filecoin price to bearish. Even after last week’s strong higher low, we may anticipate FIL/USD to continue declining.

The Daily chart shows that price action has retraced lower after making a higher low. As seen, FIL/USD has created a lower high, at $65. Also, the Fibonacci retracement levels are present. Notice that they show us where to expect strong price barriers for Filecoin prices.

Above the daily chart’s price action is the 4-hour time frame and the weekly time frame. You should take these technical indicators into consideration when you analyze FIL/USD.

Filecoin price movement in the last 24 hours: Filecoin moves below $66

The Filecoin price has been range-bound for the past 24 hours, fluctuating between $62.36 and $64.88; this indicates limited volatility in recent hours. Volume has risen by 67.17 percent and is now worth about $879 million, while the overall market cap is approximately $8 billion.

Over the last 24 hours, FIL has made a significant advance, breaking through resistance at $66. We are now trading just above this level after an initial rejection that sent the price down to $63 for a moment.

FIL/USD 4-hour chart: FIl looks to break below $64

We may also notice significant buying pressure on the 4-hour chart as the $66 resistance appears to be crumbling, with a downward channel in place.

FIL/USD 4-hour chart. Source: TradingView

In the 4-hour chart, we see that the level of resistance at $65 held itself strong for a second time. Now it serves as support to help propel Filecoin prices higher from here.

The weekly chart shows us that the price has been bounded by a median line. Price action is now trading below the $66 price level, which serves as resistance on the 4-hour and daily time frames.

The 2 Simple Moving Averages (SMA) with different time spans are crossed, one above the other. The 200 SMA (red) is above the 100 SMA (black). The 100 SMA briefly crossed above the 200 SMA to give us a bullish signal but has since broken back below. This implies that market participants are not in agreement about the direction of the trend.

From a low of $60, the Filecoin price began to rise. The pair’s first higher high was established at $64, which was followed by a lower low at $56. Since then, the FIL/USD price has steadily improved, with bulls overcoming resistance in recent hours after a brief setback.

Filecoin Price Analysis: Conclusion 

On the other hand, Filecoin’s price has been bearish today since the $66 resistance was broken after a minor rejection at first. As a consequence, FILUSD is expected to continue falling and establish an even lower high late today.

Source link

You May Also Like