Filecoin Price Analysis: FIL retraces towards $73, will the support hold?

TL;DR Breakdown

  • Filecoin price analysis is bullish today.
  • FIL/USD has retraced to $73 previous resistance.
  • Market likely to reverse later today.

Filecoin price analysis is bullish today as previous major resistance has been reached and will likely act as a support. Therefore, we expect FIL/USD not to see any further downside later today.

Filecoin Price Analysis: FIL retraces towards $73, will the support hold? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the red over the last 24 hours. The market leader, Bitcoin, has gained 0.13 percent, while Ethereum has declined by 1.05 percent. Meanwhile, Filecoin (FIL) is among the worst performers, as it has lost 6 percent.

Filecoin price movement in the last 24 hours: Filecoin retraces from $81 swing high

FIL/USD traded in a range of $73.79 – $79.50, indicating moderate volatility over the last 24 hours. Trading volume has declined by 52.51 percent and totals $971 million, while the total market cap trades around $8.2 billion, ranking the coin in 23rd place overall.

FIL/USD 4-hour chart: FIL to hold above $73?

On the 4-hour chart, we can see Filecoin price action approaching previous resistance at $73, which should now act as a support.

Filecoin Price Analysis: FIL retraces towards $73, will the support hold?
FIL/USD 4-hour chart. Source: TradingView

Filecoin price action has seen strong bullish momentum return so far in October. After a new major low was set at $55 at the end of September, a strong rally was seen on the 1st of October.

Filecoin reached the $73 mark and consolidated below it for almost a week. After several failed attempts and higher lows set, a spike higher was seen on Friday. FIL/USD reached the $81 mark, with rejection seen a couple of hours later.

Since then, the Filecoin price has retraced, with the $73 previous resistance reached and currently tested as support. As long as FIL/USD remains above the support, we expect a new higher low to be set in preparation for more upside next week.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bullish today as a new higher low will likely be set at the $73 previous major resistance. As long as the support holds, we are bullish for FIL/USD over the next 24 hours.

While waiting for Filecoin to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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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