The Filecoin price analysis shows a decline in price today. The day started with selling pressure building up in the market, and the price dropped from $4.45 to $4.38. The FIL/USD pair has been under consolidation since 12 November 2022, and yet a breakout has to be observed in the coming days as the coin is still maintaining its price level. Selling pressure is bringing the price down toward the moving average value.
The bearish momentum is overwhelming as buyers are backing off, contributing to the decline. The bearish momentum seems to be extending for the remainder of the day, and the price may go further down than the current price level.
FIL/USD 1-day price chart: FIL lost 0.68 percent of its value
The 1-day price report for Filecoin price analysis also demonstrates bearish momentum because the bears are successfully maintaining their advantage. The FIL value has somewhat declined over the last couple of hours; at the time of writing, it is $4.38 and is now appearing to be declining. The FIL/USD pair has lost around 0.68 percent since the start of the current session, and the weekly value estimation has lost 0.68 percent as well.
The moving average (MA) in the 1-day chart stands at $4.35 below the price level. The Bollinger band ends are moving in a straight direction after converging steeply and forming a narrow tunnel, indicating low volatility, with the top end at the $4.46 mark representing resistance and the lower end at the $4.17 mark, representing the strongest support. The average of the Bollinger band is also below the price level at the $4.32 mark, further indicating the bearish drive. The relative strength index (RSI), which has dropped to index 44, is likewise declining over time.
Filecoin price analysis: Recent developments and further technical indications
The 4-hours Filecoin price analysis shows that the price level will continue to drop as long as bears maintain their dominance. The FIL value is fluctuating around $4.38 after going through some degree of fall in recent hours.
The volatility is mild, as Bollinger bands indicate, with the upper band at $4.47 and the lower band at $4.20; the price has been on a declining trend for the past 12 hours and has moved below the moving average, however, the Bollinger bands average is still further below at the $4.32 level. The relative strength index (RSI) has sunk down to index 52 on the hourly charts.
Filecoin price analysis: Conclusion
A further decrease in price is possible, according to the 1-day and 4-hours Filecoin price analysis, as there appear to be very few opportunities for a rebound in the ensuing hours. Although the coin is predicted to remain under consolidation for today, and a breakout in any direction is not yet anticipated, the RSI fall also suggests that the bears are in control.
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Source: https://www.cryptopolitan.com/filecoin-price-analysis-2022-12-01/