Filecoin price analysis shows a negative market trend set for FIL prices after a period of a bearish run. Support for Filecoin prices is set at the $7.33 level after a bearish run seen in the market before prices corrected themselves. However, the $8.11 level is still a major resistance point for prices and bulls will have to push through this point for any further gains in price.
Filecoin price analysis shows the FIL/USD pair has been trading in a range of $7.33 to $8.11 and is up by 3.17 percent in the last 24 hours. The trading volume for FIL prices is currently at $270,062,426 while the market cap is at $1,561,696,842 The digital asset is currently ranking at position 38 in the overall market as it dominates with a market share of 0.140642 percent.
Filecoin price action on a 1-day price chart: FIL/USD faces resistance at $8.11
The 1-day Filecoin price analysis chart shows a market in which bearish is currently in control after prices dipped to as low as the $7.33 support level. Prices have been facing resistance at the $8.11 level for the last 24-hours and a bearish run had sent prices tumbling lower. However, the $7.33 support level seems to be strong enough to hold prices and a bullish reversal is currently underway.
The Relative Strength Index for the FIL/USD pair currently stands at 54.31 and is indicative of a market that is neither overbought nor oversold. The MACD indicator is also in bearish territory but is slowly moving towards a bullish crossover. The EMA ribbon, on the other hand, is giving a bullish picture as the ribbon is currently stacked in order of descending periods.
Filecoin price analysis on a 4-hour price chart: Minor bearish pressure on the digital asset
A bearish trend is seen on the 4-hour Filecoin price analysis chart as the digital asset currently trades below the $8.11 resistance level. A descending channel is also formed as prices are currently trading around the $7.80 mark. The $7.33 support level is still holding strong, but a break below this level could see prices head towards the $6.88 support level.
The RSI indicator for the FIL/USD pair currently stands at 45.91 and is indicative of a market that is in bearish territory. The MACD indicator is below the 0.00 level but is slowly moving towards a bullish crossover. The EMA is below the price action and is currently stacked in order of descending periods.
Filecoin price analysis conclusion
Filecoin price analysis today indicates a continued downtrend as bulls try to defend the $7.33 support level. Bears have been adamant in dragging the prices below the $8 level. The digital asset is currently trading between the $7.33 and $8.11 support levels. The buyers will have to push through the $8.11 level for any further gains in price. A bearish run could see prices head towards the $6.88 support level.
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Source: https://www.cryptopolitan.com/filecoin-price-analysis-2022-06-02/