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Filecoin Price Analysis: FIL spikes above $75, set to slowly retrace before another rally?

Cryptopolitan


TL;DR Breakdown

  • Filecoin price analysis is bearish for today.
  • FIL/USD spiked above the $75 resistance yesterday.
  • FIL consolidated today.

Filecoin price analysis is bearish for today as the market has spiked above the $75 resistance and started to consolidate below the $78 mark. Therefore, we expect FIL/USD to retrace once more, and try to set a higher low from which to reach further highs later this week.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours. Bitcoin is up by 0.5 percent, while Ethereum is among the best performers, with a gain of 6.1 percent.

Filecoin price movement in the last 24 hours: Filecoin xxx

FIL/USD traded in a range of $75.06 – $78.15, indicating mild volatility over the last 24 hours. Trading volume totals $784 billion, with a decrease of 8.75 percent from yesterday. Meanwhile, the total market capitalization trades around $7.76 billion, ranking the coin in 23rd place overall.

FIL/USD 4-hour chart: FIL to retrace from the $78 high?

On the 4-hour chart, the Filecoin price has struggled to reach further upside today, likely leading to a reversal over the next 24 hours.

Filecoin Price Analysis: FIL spikes above $75, set to retrace before another rally?
FIL/USD 4-hour chart. Source: TradingView

Filecoin price action has seen a strong advance over the past month. After setting a swing low around the $40 mark on the 20th of July, FIL/USD saw a rapid reversal and a several-week rally.

On the 23rd of August, the current swing high of $82 was reached after a slight consolidation below $75 was broken. From there, bears took over control again and pushed FIL to the $70 mark, where support was established.

After a second retest of the $70 mark yesterday, the Filecoin price saw a rapid advance over the last 24 hours, with the $75 previous local high broken. However, bulls have struggled to push the market any higher since likely leading to another retracement over the next 24 hours.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bearish today as the market struggled to move past the $78 mark after setting a slightly higher high yesterday. Therefore, we expect FIL/USD to retrace and look to set a higher low to move higher later this week.

While waiting for Filecoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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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