TL;DR Breakdown
- Filecoin price analysis is bullish today.
- Support for FIL is present at $19.2.
- Resistance is present at $21.9.
The latest Filecoin price analysis is showing signs of a bullish trend as the price has undergone a significant increase today as well. FIL price capped at $19.6 yesterday, as it broke above the resistance of $19.3, and today the bullish upswing has resulted in a further improvement in the price as its value has upgraded to $20.3 setting a weekly high. The price breakout was upwards at the start of today’s trading session, as bulls managed to continue their lead. The price levels are expected to increase further in the coming hours.
FIL/USD 1-day price chart: bullish momentum continues above $20
The 1-day Filecoin price analysis shows the price function is upwards for today as well. The price has increased and the coin is trading hands at $20.3 at the time of writing. Though the increments in price level are small but the cryptocurrency has gained a value of 5.60 percent during the last 24 hours, and the crypto pair also reports a 8.80 percent increase in value over the past week, hopefully the price will elevate further over the day. The FIL/USD has been successful in maintaining the price level this week, as the continuous downslide seems to be coming to an end.
The price function remained slow for the past week, but the volatility is still high, and the Bollinger Bands average has came to $24.6. If we discuss the upper and lower values of the Bollinger Bands Indicator, then its upper end is standing at $34.2 representing the stronest resistance, while its lower end is at $15 representing the strongest support. The Relative Strength Index (RSI) has also increased up to index 31 after today’s bullish efforts, as the indicator has came out of the undersold region.
Filecoin price analysis: Recent developments and further technical indications
The 4-hours Filecoin price analysis also confirms the bullish trend as a good increase in FIL/USD market value has been detected. Although the bulls controlled the market trends earlier, the bears hindered the price function as well as a correction was also observed four hours ago. But now the price is covering range upwards again as it trades near the upper limit of the volatility indicator. The price is now present at $20.3 as a result of the latest bullish activity.
The moving average value at present is $19.7 now. The volatility is on the lower side, which means there is a high probability that an uptrend is coming ahead. The upper end of the Bollinger Bands Indicator is at $20.55, representing resistance for FIL’s price, whereas its lower limit is at $18.1. The RSI score has also improved to index 58 after the price traveling high during the last four hours.
Filecoin price analysis: Conclusion
The Filecoin price analysis is bullish today as, despite the correction observed earlier, no further bearish activity has been observed during the day. Even bullish momentum has escalated during the last four hours. The RSI curve has also emerged above the undersold zone, and we expect FIL/USD to continue upside for today towards the $21 range.
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Source: https://www.cryptopolitan.com/filecoin-price-analysis-2022-01-29/