- Filecoin price analysis is bearish today.
- FIL/USD has rallied to previous major support area.
- FIL is likely to retrace some of the gains next.
Filecoin price analysis is bearish today as bulls have pushed the market towards previous major support area around $70-$75, which now likely acts as a resistance. Therefore, we expect FIL/USD to see a reaction lower over the next 24 hours.
The overall market traded in the green over the last 24 hours. Bitcoin managed to increase by 6.83 percent, while Ethereum followed with a 6.48 percent gain. Filecoin (FIL) is among the best performers, with an increase of almost 17 percent.
Filecoin price movement in the last 24 hours: Filecoin rallies towards $70-$75 resistance area
FIL/USD traded in a range of $60.99 – $73.00, indicating strong volatility over the last 24 hours. Trading volume has increased by 150 percent and totals $1.725 billion, while the total market cap trades around $7.77 billion, ranking the coin in 23rd place overall.
FIL/USD 4-hour chart: FIL to retrace some of the overnight gains today?
On the 4-hour chart, the Filecoin price has slowed down around the $70-$75 resistance area, indicating an upcoming reversal.
Overall, Filecoin price action has seen bearish price action development over the past weeks. After peaking at around $120 on the 6th of September, a strong drop lower to $70 followed.
Over the following weeks, FIL/USD consolidated in an increasingly tighter range, with the $75 mark serving as support. Breakout lower was finally seen on the 24th of September, resulting in a spike to $50.
From there, Filecoin price consolidated above $55 earlier this week, until some bullish momentum returned yesterday. FIL/USD started to rapidly advance, with the $70 mark reached overnight.
Filecoin Price Analysis: Conclusion
Filecoin price analysis is bearish today as a strong resistance area has been reached after a strong move higher overnight. Therefore, we expect FIL/USD to retrace some of the gains later today and look to set a higher low.
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