Filecoin price analysis shows that the price of FIL/USD has followed a downtrend in recent days. The cryptocurrency has lost over 3% of its value since then, After a brief period of consolidation, the price is now currently at$8.74. A break below this level could trigger a sell-off towards the $8.07 support level. On the other hand, if the price bounces back from the current level, it could retest the $8.86 resistance level.
The Filecoin price is down by nearly 7 percent over the past 24 hours as it trades at $8.74 as prices alternate between a range of $8.80 and $8.60 over the course of the day’s trading. The trading volume for FIL/USD pair is currently at$320,045,492, which is higher than the 30-day average of $188,209,811. The market capitalization for the Filecoin network is currently at $1,797,564,090.
24-hour Filecoin price analysis: FIL/USD trades at $8.74 after a bearish run
Filecoin price analysis on the daily chart shows FIL prices have made major changes in the last 24 hours. The FIL/USD pair is currently trading at $8.74. In the last 24 hours, the highest price was $9.05 and the lowest was $8.69. The indicators show that the market is in a bearish mood as the RSI has fallen below 50 while the MACD shows increasing bearish momentum.
The Moving Average(MA) also shows that the market is bearish as the price is trading below the MA50 and MA200. The Bollinger bands show that the market is volatile as the prices have reached the upper band.
On down days, the support levels to watch are $8.60 and $8.30 while the resistance levels are at $8.80 and $9.05.The buyers will need to break above $9.05 to take the prices higher while the sellers will need to push the prices below $8.60 for a move toward $8.30.
FIL/USD 4-hour price chart: FIL prepares to enter a bullish trend
Filecoin price analysis on a 4-hour price chart shows bullish signals as the MACD is about to exhibit a bullish crossover. The RSI is also rising as it approaches the 50 levels. The price is trading above the MA 50 and MA 200 which shows that the market is in a bullish mood. The Bollinger bands show that the market is volatile as the prices have reached the upper band while the market volatility is likely to increase on a short-term basis.
On the upside, the resistance levels are at $8.95 and $9.15 while on the downside, the support levels are at $8.60 and $8.30. The buyers need to push the prices above $9.15 for a move toward $9.40 while the sellers will need to push the prices below $8.60 for a move toward $8.30.
Filecoin price analysis conclusion
Filecoin price analysis for today indicates a bearish market as the price is trading below the MA50 and MA200. The bulls are pushing for a breakout above $9.15 while the bears are pushing for a break below $8.60. The market is likely to be volatile in the short term as the Bollinger bands have widened.
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Source: https://www.cryptopolitan.com/filecoin-price-analysis-2022-05-15/