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 3% value in the last 24-hours and is trading at $7.37. Support for the coin is at $7.24 while the strongest resistance lies at $7.47.The market cap of Filecoin stands at $1,577,231,067, and the 24-hour trading volume is recorded to be $177,013,159.
The FIL/USD pair started the week on a positive note as the market opened at $7.62. The price reached an intraday high of $7.68 before it started to correct lower. This correction found support at around $7.50 and the price bounced back to $7.24. The bulls could not maintain this momentum and the price slipped below $7.50 once again. This bearish pressure continued and the pair slipped below the $7.37 level as well.
FIL/USD 1-day price analysis: Filecoin consolidates around $7.37
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 the Bollinger’s band exists at $7.62 while the lower limit is at $7.12.
The Relative Strength Index (RSI) indicator for FIL/USD is currently at 36.03, 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 analysis: Bulls emerge to push prices up
Filecoin price analysis on 4-hour reveals that the market is currently in a bullish trend. However, the bulls seem to be losing steam as the price has just taken a slight dip below the $7.40 level. The Bands of Bollinger show decreasing volatility in the market as the price fluctuates around the $7.37 level.
The RSI indicator for FIL/USD is currently at 61.21, 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 above the signal line, which indicates that the market is in a bull run. The Bulls emerge after a slight dip and start to push prices up. The market is currently in a bullish trend after a brief period of consolidation.
Filecoin price analysis conclusion
Filecoin price analysis reveals that the market is currently in a bearish trend on a 24-hour timeframe. However, the bulls seem to be gaining some strength as the price is currently in a bullish trend on a 4-hour timeframe. The market volatility is also decreasing, which indicates that prices are subject to fewer fluctuations. Investors should wait for the market to show some more strength before making any investment decisions.
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Source: https://www.cryptopolitan.com/filecoin-price-analysis-2022-06-04/