The Filecoin price analysis suggests a strong bullish trend for the day. The price has increased tremendously during the last twenty-four hours and has now reached the $7.35 mark. Overall the cryptocurrency was consolidating for the last few weeks as the price was range bound in a specific price channel. Today the coin seems to be breaking out of the consolidation after a continuation of the bullish trend since 26 July 2022, as the price has spiked high today after a long period. Currently, the coin has broken above the crucial resistance of $7.2, which is a huge achievement.
FIL/USD 1-day price chart: bullish momentum at its peak
The one-day Filecoin price is showing encouraging signs for the buyers as the coin is racing and the price function is following the bullish movement. The price received sufficient momentum during the day, which made it possible for it to reach the $7.35 level, gaining 23 percent value during the past 24 hours as the trend has been bullish since 26 July 2022. The coin gained 32.37 percent value during the past week. The trading volume has also increased y 83 percent today.
The moving average (MA) value is present at $5.79 above the SMA 50 curve as well, which is a great achievement for the bulls. In contrast, the Bollinger bands average is holding up at $5.62.
The volatility is on the increasing side. The Bollinger bands have started to diverge as the price has jumped above the upper limit of the volatility indicator showing a strong bullish tendency. The Bollinger bands have changed their values as well. Now the upper band has reached the $6.59 mark, while the lower band has reached the $4.66 mark representing the strongest support for the cryptocurrency. The Relative Strength Index (RSI) has just entered the overbought region after traveling up at a steep curve due to solid buying momentum in the market as the score hat hit index 71.
Filecoin price analysis: Recent developments and further technical indications
The 4-hour Filecoin price analysis is also going in the bullish direction as well, as the price has been flashing up consistently. This happened after the bulls got a jumpstart at the start of the day, and since then, their momentum has shown its strength. The price has been increased to $7.39, which is quite high if compared to yesterday’s price levels. The moving average value is present at the $6.31 mark.
The Bollinger bands hint at a sharp increase in volatility and show their average at the $5.92 mark, while their upper value is standing at $6.98 and the lower one at $4.87. The RSI score is going 85 for the 4-hour price chart, which is quite high and shows the coin as overvalued at the moment, and the curve of the indicator is still upwards.
Filecoin price analysis: Conclusion
The price has increased as the bulls have scored high, according to the latest Filecoin price analysis. The FIL/USD value is $7.35 at the time of writing and is expected to increase in value furthermore in the upcoming hours as well. However, the coin may correct in the next trading session as bulls might feel the exhaustion from the current rally.
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Source: https://www.cryptopolitan.com/filecoin-price-analysis-2022-07-30/