Filecoin price analysis: FIL jumps to $26.3. Correction to follow?

TL;DR Breakdown

• Filecoin price analysis is bullish today.
• Resistance is present at $27.7.
• Support for FIL is present at $24.6.

The latest Filecoin price analysis reveals the coin is bullish as an upward trend has been following, and the price has undergone a significant improvement in the last 24-hours. The bullish upswing has resulted in a remarkable improvement in the price as its value has upgraded to $26.3 as the price has been spiking high since 27th March. Although the price experienced a downfall at certain points today as well, the price might surpass even higher levels in the approaching hours as well.

FIL/USD 1-day price chart: bullish momentum overwhelms market as price touches $26.3

The 1-day price chart for Filecoin price analysis shows the coin price has increased significantly today as it is trading at $26.3 at the time of writing. The overall trend line has been turned upwards with consistent bullish efforts, and FIL reports an increase in price value by 3.8 percent during the last 24 hours and shows an enormous 42 percent increase in value over the past week. The trading volume has increased by 38 percent over the last 24 hours, and the market cap has increased by 5.02 percent for the same time resulting in the market dominance of 0.22 percent for Filecoin.

The volatility is quite high as the Bollinger bands are expanded wide, with the upper band at the $24.4 mark and the lower band at the $13.7 mark; the average of the Bollinger bands is present at the $19 mark. The relative strength index (RSI) is trading at index 76 in the overbought range on an upwards slope indicating the buying activity in the market.

Filecoin price analysis: Recent developments and further technical indications

The 4-hour price chart for Filecoin price analysis shows the price breakout was upwards at the start of today’s trading session, and bulls took the price to $26.3 as they started the upwards rally. However, at this point, selling pressure may arise as the price is trading below the upper limit of the Bollinger bands.

The pressure is also obvious from the RSI curve, as well as it flattened out to an extent as it trades at index 84. However, the bulls are also fighting back and may take the price higher in the coming hours. The moving average is also trading far below the price level at the $25.1 mark, and the volatility seems high on the 4-hour chart as well.

Filecoin price analysis: Conclusion

The Filecoin price analysis shows the bulls have been maintaining their lead successfully. The coin is recovering well, but the overall downtrend has been reversed by the bullish momentum. We expect FIL to continue upside down today after correcting for a few hours.

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