- Filecoin price analysis shows positive signs of recovery
- FIL/USD has retraced to previous resistance at $69
- The Crypto market is likely to reverse later today.
Today’s Filecoin price analysis is bullish, as previous significant resistance has been broken and will most likely support. As a result, we expect FIL/USD to remain unchanged later today. Crypto is likely to reverse soon as altcoins consolidate with Bitcoin.
If previous support holds, we expect FIL/USD to trade around $69 and form a bullish flag with high chances of breaking out and retesting previous highs at $90 later today. As the market recovers from the sudden selloff, we expect it to continue trading sideways until sufficient momentum is regained.
It has been a relatively calm day in the market that has consolidated into equilibrium after some days of turmoil and uncertainty. However, Bitcoin (BTC) had an impressive recovery and is currently trading above $61,050. As a result, we expect most altcoins to trade positively today as the market recovers from the sudden selloff.
Filecoin price movement in the last 24 hours: Filecoin retraces from $81 swing high
Filecoin (FIL) has retraced to previous resistance at $69 and is likely to form a bullish flag with high chances of breaking out and retesting previous highs at around $90. Previously, the market had been bearish, which resulted in a significant drop from the resistance at $98 to support at $60. If this trend continues, we expect the market to continue trading sideways until sufficient momentum is regained.
FIL/USD 4-hour chart: FIL to hold above $73?
As the 4-hour chart shows, FIL/USD has retraced to $66, previous resistance. The market also went below the 61.8% Fibonacci retracement level, although it soon found support at $60, which was previous resistance and is likely to serve as a pivot point later today.
The price of Filecoin has had a lot of good bullish momentum recently, and the value has increased significantly in recent weeks. There was a big rally after hitting an all-time low of $55 on October 1st,
For almost a week, the price topped at about $73. On Friday, when numerous failed attempts and higher lows were established, the value rose dramatically. The $81 barrier was broken after a few hours of struggle.
Following the first resistance at $73, the Filecoin price has retraced, with the $73 previous barrier now acting as a support. We anticipate a fresh lower low to be established next week if FIL/USD is above the support if we maintain our bearish outlook.
Filecoin Price Analysis: Conclusion
However, on the bright side, support is established at $65.01, which was the previous significant barrier. On the other side of the equation, as long as the $68.00 mark holds, we are bullish for FIL/USD in the next 24 hours.
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