Filecoin Price Analysis: FIL rejects upside at $60, set to decline today?

TL;DR Breakdown

  • Filecoin price analysis is bearish today.
  • FIL/USD saw a quick spike above $60.
  • Bears currently reject further upside.

Filecoin price analysis indicates bearish momentum to follow as further upside was rejected after a spike above the $60 mark. Therefore, we expect FIL/USD to decline over the next 24 hours and likely return to the $55 support.

Filecoin Price Analysis: FIL rejects upside at $60, set to decline today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with a slight bullish momentum over the last 24 hours. The market leader, Bitcoin and Ethereum, are up by 1.58 and 1.89 percent, respectively. Meanwhile, Binance Coin (BNB) is the top performer, with a gain of around 9 percent.

Filecoin price movement in the last 24 hours: Filecoin moves to test $60

FIL/USD traded in a range of $55.63 – $61.15, indicating strong volatility over the last 24 hours. Trading volume has increased by 21.50 percent and totals $1.8 billion, while the total market cap trades around $6.42 billion, ranking the coin in 25th place overall.

FIL/USD 4-hour chart: FIL set to reverse lower?

On the 4-hour chart, we can see Filecoin price action rejecting further upside, indicating more downside to come later today.

Filecoin Price Analysis: FIL rejects upside at $60, set to decline today?
FIL/USD 4-hour chart. Source: TradingView

Filecoin price action has continued to trade in a bearish momentum over the past weeks. After an initial drop on the 7th of September, a several-week consolidation was seen around the $75-90 price area in an increasingly tighter range.

Last week, FIL/USD spiked lower again, breaking through $70 minor support and declining all the way to the $50 mark. From there, Filecoin saw a reaction to $63 and a consolidation so far this week.

Overnight, the Filecoin price made another retest of $55 support and started to push higher. The $60 resistance was briefly breached, with bears quickly returning to push the market price lower over the past hours.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bearish for today as bears rejected further upside above the $60 mark earlier today. Therefore, we expect a reversal to follow, with the $55 as the closest support to be reached next.

While waiting for Filecoin to move further, read our guides on how to create NFT art, NFT marketplaces, as well as Coinbase Wallet review.

Disclaimer. The information provided is not trading advice. 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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