FIL obtains positive momentum at $4.504 – Cryptopolitan

Filecoin price analysis indicates the behavior over the past 48 hours reveals an upward trajectory initially, followed by a notable shift further towards a bullish movement, leading to a substantial increase from its position at $4.408. On May 19, 2023, the price experienced a significant crash, resulting in a depreciation of $4.408, followed by a subsequent rebound of $4.443. Furthermore, the price has continued its upward trend throughout the present day. As of now, the prevailing price of FIL stands at $4.504.

Filecoin is a cryptocurrency with a current price of $4.50 and a 24-hour trading volume of $163.48 million. Its market capitalization stands at $1.90 billion, contributing to a market dominance of 0.17%. Over the past 24 hours, the price of Filecoin has increased by 1.90%. Presently, the sentiment regarding Filecoin’s price prediction is bearish, while the Fear & Greed Index indicates a neutral sentiment with a value of 48.

The circulating supply of Filecoin is currently 422.69 million FIL out of a maximum supply of 321.89 million FIL. Over the past year, the supply inflation rate has been 105.36%, resulting in the creation of 216.86 million FIL. In terms of market capitalization, Filecoin is ranked #19 in the Layer 1 sector.

FIL/USD 1-hour price analysis: Latest developments

Filecoin price analysis reveals a heightened level of market volatility, emphasizing the need to prioritize the assessment of market vulnerability. This increased volatility exposes the cryptocurrency’s price to sudden and unforeseen fluctuations. It is worth noting that the upper limit of Bollinger’s band, a technical analysis tool, currently stands at $4.494, acting as a significant support level for FIL. Additionally, the lower limit of Bollinger’s band is positioned at $4.426, further reinforcing another level of support in FIL’s price trajectory.

The FIL/USD price is currently surpassing the Moving Average curve, implying a bullish trend in the market. Furthermore, the price trajectory is showing upward momentum, indicating a growing market. This descending trend suggests potential bullish opportunities, as the market is currently experiencing disruption while the price continues to rise. The resistance level has been breached and is now undergoing a retracement, providing an advantage to bullish traders.

FIL/USD 1-hour price chart Source: TradingView

According to the Filecoin price analysis, the Relative Strength Index (RSI) is currently at 57, indicating a state of stability for the cryptocurrency. The RSI value falls within the upper neutral region, suggesting that Filecoin’s valuation is currently stable. Furthermore, the RSI shows an upward trend, indicating an appreciation in the cryptocurrency’s value and a prevailing presence of buying activity in the market.

Filecoin price analysis for 1-day: Market downward biased

The analysis of Filecoin’s price indicates a decline in market volatility. This suggests that the prices of FIL/USD are more susceptible to fluctuations and will move in accordance with the level of volatility present in the market. Lower volatility implies a decreased probability of the price reaching extreme levels. In the case of FIL, the upper limit of Bollinger’s band is identified at $5.566, acting as a significant resistance level for the cryptocurrency. On the other hand, the lower limit of Bollinger’s band is observed at $4.003, indicating a strong support level for FIL.

The analysis of the FIL/USD price indicates that it is currently surpassing the Moving Average curve, which signifies a bullish trend in the market. Furthermore, the price trajectory demonstrates an upward movement, indicating the potential for a complete positive trend. These indications suggest a favorable outlook for Filecoin’s price in the near term.

FIL/USD 1-day price chart Source: TradingView

Based on the Filecoin price analysis, the Relative Strength Index (RSI) is currently at 35, suggesting that the cryptocurrency is displaying undervalued characteristics. The RSI value residing in the undervalued region indicates that Filecoin is experiencing a period of low valuation. Moreover, the RSI shows an upward movement, indicating a bullish market sentiment. The buying activity has surpassed the selling activity, leading to an increase in the RSI score. These factors suggest potential positive price momentum for Filecoin in the market.

Filecoin Price Analysis Conclusion

Based on the Filecoin price analysis, the cryptocurrency is currently experiencing a bearish momentum, indicating the presence of potential further bearish opportunities. On May 19, 2023, the price of Filecoin reached a spike of $4.501, and it is currently approaching the $4.550 level. As of now, Filecoin is priced at $4.501. The analysis suggests that the bullish sentiment has been weakened, and the market is currently dominated by bears.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/filecoin-price-analysis-2023-05-19/