- 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.
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 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.
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