Filecoin price analysis: FIL revisits $32, lowest of 11 months

TL;DR Breakdown

• Filecoin price analysis is bearish today.
• Support for FIL is present at $27.4.
• Resistance is found at $37.4.

The Filecoin price analysis is bearish today as FIL price has come down to the lowest level after 9th February 2021. The coin has marked a lower low at $32 as the bearish trend has been gaining strength since yesterday. FIL/USD has been on a downtrend for a long. However, the coin was successful during the July-September bullish markets and at least peaked at $113 on 5th September. But the crypto pair has lost seventy percent value since then as mostly the price trend line remained downwards except a very few instances.

FIL/USD 1-day price chart: Bears trend downgrades price to $32 level

The 1-day price chart for Filecoin price analysis shows the price has decreased further after yesterday’s plunge. The FIL/USD pair is trading hands at $32.8 at the time of writing. The cryptocurrency has lost around 12.17 percent value during the last 24 hours and also reports a loss of 7.06 percent over the course of the last seven days. FIL/USD trading volume has increased by a little more than 10 percent, but the market cap has decreased by 10.41 percent.

The volatility has been quite low as the Bollinger bands converged till 23rd November and now forms a narrow channel with the upper Bollinger band value at $38, and the lower Bollinger band value is at $32.7, just a point below the price level, representing support for FIL. The Relative Strength Index (RSI) score is going down as well because of the decrease in price and is present at index 36 in the lower half of the neutral zone. The moving average (MA) is trading at the $34 mark.

Filecoin price analysis: Recent developments and further technical indications

The 4-hour Filecoin price analysis shows the price breakout was downwards following yesterday’s bearish strike, as the price swang low towards $31 before capping at $32.9 yesterday. However, bulls have also performed well during the last eight hours, as they have almost caught up with yesterday’s price cap.

The volatility is high on the 4-hour chart as the Billinger bands are expanding with the lower band diverting more, which is a worrisome sign for the cryptocurrency as the price is already at 11 months’ lowest level. The lower limit of the indicator is at the $31.5 mark representing support for FIL price. The moving average is trading at the $33.9 level. The RSI score is slowly moving upwards, as the price has been on an increasing trend for the past few hours, but the price function is still under pressure.

Filecoin price analysis: Conclusion

The Filecoin price analysis is bearish but may turn bullish later today as the price has been increasing during the last four hours as well. Further recovery is also expected but only on an hourly basis, as the major trend has been bearish and is expected to remain bearish for the coming days.

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