FIL/USD face strong resistance at the $5.60 level – Cryptopolitan

The latest Filecoin price analysis shows an uptrend in the price action for the FIL/USD pair, with prices rising from around $5.45 all the way up to the $5.66 level. FIL opened its trading session at the $5.64 level before the bears took control pushing the price down to the current level of $5.52 showing a gain of 0.83%.

However, the resistance at $5.60 is strong and the price may face difficulty in breaking that level since the bears have been battling to push the price low. If the bulls cannot break this resistance, there is a risk of further declines toward the $5.45 support level. A break below $5.45 could lead to a retest at the key support at $5.34.

Filecoin price analysis 24-hour chart: Bulls and bears battle for control

On the 24-hour chart, FIL/USD pair has seen a lot of volatility, with the bulls and bears battling for control. The recent price action has seen FIL/USD make headway from the previous high at $5.66 to currently just above the $5.50 mark. Both market and trading volume have been on the rise too, showing that the market is very active. They currently stand at $2.32 billion and $158 million, respectively.

Looking ahead, the technical indicators suggest that the bulls have the upper hand in the battle. The MACD line is on the verge of making a crossover above the signal line which could lead to a formation of green bars on the histogram, showing that there is still some bullish momentum in the market.

However, the Relative Strength Index (RSI) indicator is still below the 50 index, which signals that the selling pressure is still strong. The bulls must break the $5.60 level resistance if they are to gain control of the market and push prices higher. The exponential moving average (EMA) indicator is poised to make a bullish crossover as the blue line is currently heading to the north.

Filecoin price analysis hourly chart:  Recent developments and further indications

According to the 4-hour chart, Filecoin price analysis shows a consolidation pattern in the FIL/USD pair. For the past few hours, FIL is trading on a range bound of $5.20 – $5.40, with the price currently hovering around the middle of this range. The price is currently trading between the two EMAs at $5.535 and $5.539 with a low volume of activity.

The RSI indicator has a value of 55.61, which points to the fact that there is still some buying pressure in the market, however, it is not strong enough to push prices higher. The MACD line has also dipped toward the signal line in recent hours, indicating a period of retracement in the market.

Filecoin price analysis conclusion

Overall, the Filecoin price analysis shows that FIL/USD pair is currently struggling with strong resistance at the $5.60 mark and buyers need to make a decisive move soon if they are going to push prices higher. The technical indicators suggest that there is still some bullish pressure in the market, however, it is not as strong as it needs to be. The bulls must break the $5.60 resistance level if they are to gain control of the market and push prices higher.