Filecoin price analysis: Selling pressure forms as FIL price steps down to $4.21

The Filecoin price analysis is indicating a decline in the price today. The bears have won the leading position as the selling pressure has formed again and the price is decreasing again. The price function is headed downwards at the moment marking a drop in cryptocurrency’s value, as it is now settling at a $4.21 low and has lost over 5.27% in the last 24 hours. The market capitalization for FIL/USD currently stands at $1,381,222,696, while the trading volume totals to $126,804,542.

FIL/USD 1-day price analysis: Cryptocurrency value slips back to a $4.21 margin

The one-day Filecoin price analysis predicts a bearish trend for the market as a sudden drop in price was observed today. The coin value has been reduced to $4.21, losing around 5.27 percent value overnight due to the latest bearish signal, and reached a high of $4.48 resistance and today prices have dropped below $4.16 support. The moving average (MA) value is still far below the price level, which is standing at $4.291.

The volatility has also decreased, and the Bollinger bands are keeping their average at $4.324. Furthermore, the upper Bollinger band value has moved down to $4.544, representing the resistance, while its lower value has gone up to $4.105, representing the support. If we talk about the Relative Strength Index (RSI) score, then it is still in the lower neutral range at index of 39.69 indicating bearish are still in control of the market.

FIL/USD 4-hour price chart: recent developments and further technical indications

The 4-hour Filecoin price analysis shows that the value has undergone a decline in the past four hours, as the price has covered a downward movement. The four-hour price chart shows a red candlestick occupying the leading position, and the price has been lowered to a $4.21 low. The selling activity will likely intensify further as the bearish pressure is heightening. As mentioned in the four-hour price chart, the moving average (MA) value is at a $4.358 high above the price level.

The Relative Strength Index (RSI) is currently at 50.87 on the other hand the volatility has loosened up and grown, which is a pretty unfavorable sign for the future. The Bollinger bands are keeping their average at $4.331, with their upper and lower values, respectively, being present at $4.491 and $4.170, respectively. 

Filecoin price analysis conclusion

According to the 1-day and 4-hour Filecoin price analyses provided, there has been a decrease in price today. The rising price trend has once more been halted today as a result of the bears’ successful maintenance of their resistance. If the selling pressure persists in the upcoming hours, there is a good risk that the cryptocurrency price levels will fall even further.

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