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FIL/USD is bearish for the next 24 hours


TL;DR Breakdown

  • Filecoin price analysis is bearish today.
  • FIL/USD has rallied to previous major support.
  • FIL is currently trading at $70.5.

The Filecoin price analysis is bearish today, as bulls have pushed the market toward a previous major support level at $70-$75, which now acts as resistance. As a result, we anticipate that the FIL/USD pair will move downward over the next 24 hours.

Filecoin is likely to retrace some of the gains next, as bulls have failed to push higher. Given the lack of volatility in recent weeks, we expect a more choppy trading session on Friday. However, do not be surprised if this market continues moving down toward major support at $55-$60.

The Filecoin price analysis is bearish today, as bulls have pushed the market toward a previous significant support level of $70-$75, which now acts as resistance. As a result, we expect that the FIL/USD pair will depreciate by about 24 hours.

Next, we’ll look at the technical picture on Coin360 to see whether there’s any basis for our expectations. We expect some of the gains next, as bulls have yet to push higher. Given the lack of volatility in recent weeks, we anticipate a more choppy trading day on Monday. Do not be shocked if this market continues to move forward.

Filecoin price movement in the last 24 hours: Filecoin retraces back to $55-$60 support area.

The price of Filecoin in the last 24 hours has been somewhat volatile, with no apparent trend. Because of the low volatility levels, Monday was anticipated to be choppy.

The Filecoin price analysis is bearish today, as bulls have pushed the market toward a previous significant support level of $70-$75, which now acts as resistance. As a result, we expect that the FIL/USD pair will depreciate by about 24 hours. We expect some of the gains next, as bulls have yet to push higher. Given the lack of volatility in recent weeks, we anticipate a more choppy trading session on Friday.

FIL/USD 4-hour chart: FIL to retrace some of the overnight gains today?

On the 4-hour chart, the Filecoin price has slowed down around the $70-$75 resistance range, suggesting a reversal is on the way.

Filecoin Price Analysis: FIL/USD is bearish for the next 24 hours 1FIL/USD 4-hour chart. Source: TradingView

Overall, the Filecoin price has fallen in a bearish manner over the past weeks. Following a peak of $120 on September 6th, a severe decline to $70 ensued.

The pair’s strong momentum was confirmed by a close above the $80 level, which verified earlier gains and established higher highs. Over the following weeks, the pair consolidated in an increasingly tighter range, with $75 providing support. On September 24th, a lower breakout was observed, resulting in a jump to $50.

Following that, the Filecoin price rose above $55 earlier this week before some buying momentum returned yesterday. The FIL/USD pair rapidly escalated last night, reaching the $70 mark in less than 24 hours.

Filecoin Price Analysis: Conclusion 

The Filecoin price analysis is bearish today, as bulls have pushed the market toward a previous significant support level of $70-$75, which now acts as resistance. As a result, we expect that the FIL/USD pair will depreciate by about 24 hours.

Filecoin has fallen over time and was unable to break above major resistance around $80 – it traded closer towards $55-60 before recently rallying closer towards $70.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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