Filecoin price analysis reveals that the cryptocurrency has entered a bullish market as the price has been steadily increasing since yesterday. The current price of FIL is $2.97 and it is trading within a range of $2.91 to $3.01. The strongest support is present at $2.95 which is currently the lowest price point on the chart. On the upside, FIL/USD is facing rejection at $3.01 which could be a sign of a potential reversal.
The Altcoin has gained more than 0.64% in the last 24 hours and is continuing to move higher. Investors should be cautious while entering long positions as there could be some profit-taking at current levels. The overall sentiment for Filecoin remains bullish and the cryptocurrency is expected to continue its uptrend in the coming days.
Filecoin 1-day price analysis: Bulls remain in control
The 24-hour chart for Filecoin price analysis reveals a bullish trend as the prices surged higher after breaking out from a descending triangle pattern. The breakout occurred early this week, and the prices have been consolidating since then. The cryptocurrency price will follow the volatility, and it is likely to remain in a bullish trend as the market sentiment turns positive. The market cap and 24-hour volume for Filecoin have been steadily increasing, and this is a positive sign for the cryptocurrency.
The Moving Average Convergence Divergence indicator shows that the bullish trend is likely to continue as the MACD line is above the signal line. The Relative Strength Index indicator is currently close to the overbought levels, which suggests that the prices could correct lower in the short term. However, the bulls are likely to remain in control as long as the prices are trading above the $6.26 support level. The 50- EMA and the 20-EMA currently stand at $3.06 and $3.21 respectively, which could act as strong resistance levels in the upcoming sessions.
FIL/USD 4-hour price analysis: Recent updates
The 4-hour chart for Filecoin price analysis shows that the market volatility follows an uncertain opening movement, which causes the FIL prices to become indecisive below the level of resistance at $3.01. The prices are trading along with the ascending channel and a breakout from the current range could set the tone for the next move.
The FIL/USD crosses over the Relative Strength Index to the north, which indicates that the bulls are in control. The MACD indicator is currently close to the signal line, and a crossover could see the prices target the $3.01. The 50-period EMA is moving in the sideways direction, which suggests that the prices are likely to remain range-bound in the near term while the 20 EMA is currently at $3.110.
Filecoin price analysis conclusion
Filecoin price analysis, Concludes that Cryptocurrency is likely to continue its uptrend as the market sentiment turns bullish. Investors are looking at the $3.01 resistance level to enter into new positions. From the technical analysis of FIL/USD, it is evident that the prices are in a bullish trend and investors should use the $2.95 support level for their stop-loss orders.
Source: https://www.cryptopolitan.com/filecoin-price-analysis-2022-12-27/