Bearish clouds fade as FIL/USD prices near $5.52

Filecoin price analysis reveals that FIL/USD is currently in a bearish trend after a brief period of price consolidation. The crypto asset has lost over 2.5% in the last 24 hours and is currently trading at $5.52. Support for the coin is at $5.42 while the strongest resistance lies at $5.93.The market cap of Filecoin stands at $1,240,756,967, and the 24-hour trading volume is recorded to be $126,302,874.

The FIL/USD pair started the week on a positive note as the market opened at $5.64 on Monday. The day’s trading was mostly positive as the bulls pushed for higher prices. However, the bears took over in the last few hours of trading, and the price dipped to $5.52.

FIL/USD 1-day price analysis: Filecoin consolidates around $7.37

The daily Filecoin price analysis reveals that the market volatility is following a decreasing direction. This means that FIL/USD prices subject to fluctuations will fluctuate in the same direction as volatility; less volatility means less probability of the price shifting to either extreme. The upper limit of the Bollinger’s band exists at $5.93 while the lower limit is at $5.42.

The Relative Strength Strength Index Index (RSI) is currently at 36.61, which indicates that the market is in the oversold region. This means that there is a higher probability of prices rising as the sellers have exhausted themselves. The MACD shows a bearish crossover as the signal line has moved below the histogram. This indicates that the market momentum is shifting from bullish to bearish.

Filecoin price analysis on a 4-hour price chart: FIL/USD support is present at $5.42

The 4-hour Filecoin price analysis reveals that the market has been on a downtrend since the beginning of today. The support on a 4-hour time frame is present at $5.42 and breaking below this level could result in a further decline in prices. The Bollinger band is squeezed, which indicates that the market is preparing for a breakout.

The digital asset is trading below the moving average convergence divergence (MACD) line, which indicates that the market is in a bearish phase. The RSI for the FIL/USD pair is at 40.06 and is currently in the bearish trend. This means that there is a higher probability of prices rising as the sellers have exhausted themselves.

Filecoin price analysis conclusion

Filecoin price analysis reveals that the market is currently in a bearish trend on a 24-hour timeframe and on a 4-hour chart. The market volatility is also decreasing, which indicates that prices are subject to fewer fluctuations The market indicators are pointing to further downside momentum in the near term as the bearish winds continue to blow. Investors remain cautious about the current economic conditions. Prices will continue falling if the selling pressure persists.

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