Slowly correcting, FIL consolidates at $5.38 – Cryptopolitan

The Filecoin price analysis shows a drop in value today, but the bearish momentum is not threatening at the moment. As market selling pressure increased during the morning, the price fell to $5.38. Since April 22, 2023, the FIL/USD pair has been consolidating, but given that the currency is currently holding its price level, a breakout must be seen in the upcoming days. The price is moving closer to the moving average value due to selling pressure.

Although buyers are pulling back, which is helping the slide, the bearish momentum is not as strong as it once was. The trend may alter for the rest of the day, but if the bearish trend persists, the price may decline beyond its current level. 

FIL/USD 1-day price chart: FIL remains range bound as it consolidates

Because of the resurgence of the bears following yesterday’s positive interval, the 1-day price report for Filecoin price analysis likewise exhibits bearish momentum. Over the past couple of hours, the FIL value has somewhat decreased; at the time of writing, it is $5.38, but it may decrease even more. The FIL/USD pair has lost around 3.56 percent value over the past week, but due to yesterday’s bullish market, the coin still reports a gain of 1.64 percent for the past 24 hours.

The moving average (MA) in the 1-day chart stands at $5.34 below the price level. The Bollinger band ends are moving far from one another, indicating high volatility, with the top end at the $6.57 mark representing resistance and the lower end at the $4.93 mark, representing the strongest support. The relative strength index (RSI), which has dropped to index 43, is likewise declining over time due to the selling activity.

Filecoin price analysis: Recent developments and further technical indications

The 4-hour Filecoin price analysis shows that the price levels are slowly recovering again, which is a hopeful sign, and it also further validates that the coin is consolidating. The FIL value is fluctuating in the $5.3 range today, currently at $5.38 after going through some degree of increase in recent hours.

The volatility is increasing, as Bollinger bands indicate, with the upper band at $5.50 and the lower band at $5.11; the price was on an increasing trend, but for the past 12 hours the trend has been shifting downwards. The moving average has again taken an upturn on the 4-hour chart and is present at $5.33 above the SMA 50 curve, with the Bollinger bands average further below at the $5.30 level. The relative strength index (RSI) curve is also turning upward at index 53, but the selling pressure is still there as the RSI’s curve is humble.

Filecoin price analysis: Conclusion

Price levels could go even lower, according to the 1-day and 4-hour Filecoin price analysis, as there don’t seem to be many chances for a rebound in the next few hours. The RSI curve also indicates that the bears are in charge; the coin is expected to continue in consolidation for today, and no breakout in any direction is currently foreseen.