Filecoin price analysis:FIL holds above $13 amid a bearish run

Filecoin price analysis shows that the price of FIL/USD has followed a clear downtrend since hitting a high of $21.68 on April 19th. The cryptocurrency has lost over 50% of its value since then and is currently trading at $13.65. The digital asset is down by 3.76 percent in the last 24 hours as prices alternate between a range of $12.89 to $13.90. The trading volume for FIL/USD pair is currently at $513,175,732.29, a decline of 1.33 percent. Filecoin is dominating 0.17 percent of the entire digital assets market as it ranks in position 37 in the entire cryptocurrencies market.

FIL/USD 4-hour price analysis: Latest developments

Filecoin price analysis has revealed that market volatility shows increasing dynamics, as the cryptocurrency is frequently testing the $14.0 key resistance area. The price action has formed a descending channel, with the current trading level near the bottom of the range. The moving averages are diverging, indicating that a breakout is likely in either direction. The MACD indicator is currently in the bearish zone, with the signal line and histogram both declining. This suggests that selling pressure is likely to continue in the near term.

The Relative Strength Index (RSI) for the FIL/USD pair is currently at 31.73 and is approaching oversold levels. This means that selling pressure is likely to ease in the near term, which could provide some support for prices around the current level. Furthermore, the RSI appears to be following a downward approach that reflects the value of the cryptocurrency decreasing and the dominance of selling activity. The upper limit of the Bollinger’s band is present at $15.17, which acts as a strong resistance for FIL. Furthermore, the price appears to be heading lower, implying a falling market.

Filecoin price analysis for 1-day: Increasing selling pressure

Filecoin price analysis in the 1-day price chart shows that the digital asset is following a clear downtrend as it trades below all three moving averages. The 50 EMA (exponential moving average) is currently at $15.01, the 100 EMA is at $14.63, and the 200 EMA is at $13.96. This suggests that the path of least resistance is to the downside and that prices are likely to continue falling in the near term.

The MACD indicator is currently in the bearish zone and is heading towards a bearish crossover. This suggests that selling pressure is likely to continue. The RSI is currently at 33.57 and is approaching oversold levels. This means that selling pressure could ease in the near term, which could provide some support for prices around the current level.

The market volatility is high as the Bollinger bands are diverging. The upper limit of the Bollinger band is present at $15.24, which is acting as a strong resistance for the price. The lower limit of the Bollinger band is present at $12.71, which is likely to provide some support in the near term. Overall, market sentiment appears to be bearish as prices head lower.

Filecoin price analysis conclusion

Filecoin price analysis today indicates a continued downtrend as bulls try to defend the $13 level. Bears have been adamant in dragging the prices below the $13 level. The digital asset is currently trading between the $12 and $13 support levels. Prices are likely to continue falling as long as the $13 level can be breached. A break below this level could see prices decline towards the $11 level. On the other hand, if bulls can push prices above the $14 level, an upside move towards the $16 level is likely.

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