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 1.94% value in the last 24-hours and is trading at $6.27. Support for the coin is at $6.21 while the strongest resistance lies at $6.59. The market cap of Filecoin stands at $1,726,030,467, and the 24-hour trading volume is recorded to be $327,133,638.
The FIL/USD pair started the week on a positive note as the market opened at $6.55. The price reached an intraday high of $6.59 before it started to correct lower. This correction found support at around $6.21 and the price bounced back to $6.27. The bulls could not maintain this momentum and the price slipped below $6.27 once again.
FIL/USD 1-day price analysis: Filecoin consolidates around $6.27
Filecoin price analysis on a 24-hour timeframe 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 Bollinger’s band exists at $6.59 while the lower limit is at $6.21.
The Relative Strength Index (RSI) indicator for FIL/USD is currently at 46.03, which indicates that the market is in a bearish zone. The Stochastic RSI also supports this claim as it has just entered the oversold territory. The Moving Average Convergence Divergence (MACD) shows that the crypto asset is in a bearish trend as the signal line is above the MACD line.
FIL/USD 4-hour price chart: Recent development and further technical indications
The 4-hour price chart for Filecoin price analysis shows that the market is in a bearish trend as the prices are moving downwards. The digital asset is trading below the moving averages which indicates that the bearish trend is likely to continue in the near term.
The RSI indicator for FIL/USD is currently at 45.21, which indicates that the market is neutral. The Stochastic RSI is also in the neutral zone as it has just entered the overbought territory. The MACD line is below the signal line which indicates that the market is in a bearish trend.
Filecoin price analysis conclusion
In conclusion, the overall Filecoin price analysis is bearish as the digital asset consolidates near $6.27 levels. 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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Source: https://www.cryptopolitan.com/filecoin-price-analysis-2022-09-04/