Filecoin price analysis is highly bullish today as the buying momentum has continuously grown. The FIL/USD pair is currently trading at $5.73 and is making a strong move toward the next resistance level at $5.78. If it manages to break above this level, it might reach as high as $5.75 soon. The FIL has also gained more than 2.67 percent over the past 24 hours and is currently trading in a range of $5.72 and $5.73 in the last 24 hours.
The bullish momentum is primarily driven by the increase in trading volume and demand for FIL. According to data from CoinMarketCap, the 24-hour trading volume of the crypto is currently at $781 million, with a more than 11.95% increase from the previous day. The chances of further bullish growth seem quite near, as the bearish resistance is very low.
Filecoin price analysis 1-day chart: FIL rallies by over 2.67% after a successive bull run
Looking at the 1-day FiIecoin price analysis shows support for buyers as the price experienced a good increase in price in the first four hours of today’s trading session. This is because the bulls have made a comeback and are striving hard to win back their lead. The Bollinger bands are widening, which is a clear indication that market volatility is increasing and traders should be careful while trading in the near future.
The upper limit of the Bollinger Band is $6.557, and the lower limit is $5.116. The relative strength index (RSI) is currently at 47.61, which indicates that the market is in overbought territory. The FIL/USD crosses over the moving average curve, indicating a bullish movement in the market. Furthermore, due to the recent breakout, the price appears to be moving further downward, with a strong possibility of breaking the support once again.
FIL/USD 4-hour price chart: Recent updates
The hourly Filecoin price analysis confirms a bullish trend for the market as the price covered an upward movement in the past 24 hours. The FIL/USD has gained nearly 2.67% in the last 24 hours, and this trend is likely to continue for some more time as the bulls push prices above the $5.70 level. The buyers are in control of the market, and if they maintain the current momentum, then we could see a surge in the FIL price toward the upcoming resistance levels.
The moving average (MA) value is currently set at 6.620, which is a strong indication that the buyers are in control of the market. The Bollinger band’s upper limit is $5.828, acting as the strongest resistance point for FIL. The lower limit of Bollinger’s band is present at $5.476, representing the strongest support point for FIL. The Relative Strength Index (RSI) graph shows a bullish curve as the score just rose to 51.30, indicating that buying activity is increasing.
Filecoin price analysis conclusion
In conclusion, the Filecoin price analysis is currently in a bullish trend and could go higher if the buyers maintain their current momentum. The technical indicators are also backing the bulls, and traders can look at the upcoming resistance levels to capitalize on this trend. However, if the buying momentum continues, then the FIL/USD may continue to rise above $5.75.
Source: https://www.cryptopolitan.com/filecoin-price-analysis-2023-04-01/