TL;DR Breakdown
- Price has been reduced to $20.25.
- Filecoin price analysis shows downtrend.
- Support at $14.61 is quite strong.
The most recent Filecoin price analysis indicates a slight decrease in coin value throughout the past 24-hours. Although the market was following a strong bullish trend in the last week, the circumstances are changing for the sellers. Currently, the bears are at the lead as the price dropped to $20.25 during the day. There are high chances that the cryptocurrency will encounter further bearish resistance in the upcoming week.
FIL/USD 1-day price chart: Cryptocurrency value depreciates up to $20.25 edge
The one-day Filecoin price analysis shows a subtle decline in its market value as the selling momentum grows. The past few days proved quite favorable for the buyers as a bullish current-controlled the market. But today, the price curve again took a downturn due to bearish resistance. The FIL/USD value is now $20.25, and a further decrease can be expected. The price is still higher than its moving average (MA) value, i.e., $19.31.
The volatility is increasing, which means that the ongoing downtrend is expected to extend for the further week as well. The upper Bollinger band shows its value at the $33.88 position, whereas the lower Bollinger band displays its value at $14.61 points. The Relative Strength Index (RSI) score is close to the under-bought range and is currently standing at 31.25.
Filecoin price analysis: FIL/USD devalues up to $20.25 as bears return
The bears are also dominating the four-hour price chart as the market followed a downward trend in the past few hours. The bears have successfully broken through the bullish wave by taking the price down to $20.25 extreme. The selling momentum will likely intensify in the coming hours, as the bears are regaining their strength. Because of the bearish drift, the price is below the moving average value, i.e., $20.38.
The Bollinger bands are converging, indicating decreasing volatility, and a price rise will follow in the next few hours. The upper value of the Bollinger bands indicator is now standing at $21.01, whereas its lower value is found at $18.5. The RSI graph shows a bearish curve as the score was brought down to 55.05 by the sellers.
The overall analysis shows that cryptocurrency has been following a declining trend for the past few months. This is being further confirmed by the technical indicators chart, which gives out a selling signal. The indicators ratio is that 12 indicators are on the selling point, ten indicators are on the neutral, while only four are standing on the buying point.
The Moving Averages Indicator predicts a bearish trend by giving out a strong selling signal. We can see that 12 indicators are in the selling zone, two indicators are in the buying, whereas only one is in the neutral zone. On the other hand, the Oscillators are predicting an upward trend as a rise in price was recorded earlier this week. Nine oscillators stand at the neutral point, two oscillators at the buying while zero are at the selling point.
Filecoin price analysis conclusion
The daily and hourly Filecoin price analysis confirms that the price took a downturn in the past 24-hours. The bears are struggling to overcome the bullish momentum, and so far, they have been successful as the price moved down to $20.25. At the same time, the four-hour price chart displays red candlesticks and the bears, which have been dominating for the past few hours.
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Source: https://www.cryptopolitan.com/filecoin-price-analysis-2021-01-30/