Filecoin price analysis is presently bullish as the coin fluctuates around $8.63 after a bullish run yesterday. Support for Filecoin ’s value has been found at the $8.23 mark, and this has resulted in a price increase of about 1.73 percent, and it looks like the bulls are gearing up for another attack on the $8.70 resistance level. If they are successful in breaking this level, it would take the value of the coin up to $9.10.
Filecoin price analysis shows the FIL/USD pair has been trading in a range of $8.23–$8.70 for the past few days, and it looks like the bulls are slowly gaining control of the market as they push prices up from the lower end of the range. The trading volume for FIL prices is currently at $256,693,831 while the market cap is at $1,773,107,210 .The digital asset is currently ranking at position 29 on CoinMarketCap’s list of largest digital currencies.
1-day Filecoin price analysis: FIL/USD trades at $8.63 after a bullish run
Filecoin price analysis on the daily charts shows FIL prices have made major changes in the last 24 -hours. The FIL/USD pair started the day trading at $8.39 and slowly increased its value to reach the $8.70 resistance level by the end of the day. However, prices have pulled back slightly and are currently trading at $8.63.
Filecoin price is in a bullish trend as the Relative Strength Index indicators on the 24-hours charts are above the 50-level, which indicates that prices may continue to rise in the near future. The Moving Average Convergence Divergence has formed a bullish crossover as the MACD line moves above the signal line.
The 5-day and 10-day Simple Moving Averages are placed below the current price, which is a bullish sign, and indicates that prices may continue to rise in the next few days which suggests that the market is gaining momentum.
Filecoin price analysis on a 4-hour price chart: Recent development and further technical indications
The 4-hour Filecoin price analysis shows an up-trend as the bulls have been in leading in control of the market for the last 4-hours. The market has been able to make higher highs and higher lows, which indicates that the bulls are in control.
The MA50 has crossed above the MA200, which is a bullish signal, and indicates that prices may continue to rise in the near future. The RSI indicator is currently trading at 63.23, which is in the neutral zone, and indicates that prices may consolidate in the near future before making another move. The MACD indicator is in an uptrend as the signal line and the histogram are both above the zero line, which indicates that prices may continue to rise.
Filecoin price analysis conclusion
It can be concluded that the Filecoin market is presently in a bullish trend as prices have been increasing steadily over the past few days. However, the traders should be cautious as the prices may consolidate before making another move. The next few days will be crucial in determining the direction of the market. Filecoin is among the few cryptocurrencies that have shown some stability in the last few days while most others are still struggling to find their footing.
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Source: https://www.cryptopolitan.com/filecoin-price-analysis-2022-05-17/