Filecoin price analysis is bearish, as the cryptocurrency approaches a key level of $5.22 support. The cryptocurrency has been in a clear downtrend since the beginning of today when it reached a low of $5.32. The price has dropped more than 5.02%, with the most recent decline taking it to its current level. The next key level of support is at $5.22, which if broken could lead to further losses. On the upside, the next level of resistance is at $5.74, which if broken could see Filecoin rise back toward its previous highs. The 24-hour trading volume for FIL/USD pair, is currently $183 million, with a market capitalization of $2.18 billion.
Filecoin price analysis 1-day chart
The 1-day Filecoin price analysis shows that the market is currently in a bearish trend and is likely to continue this trend as long as it remains below $5.32. The price could see some short-term volatility as it approaches the $5.22 support level, however, a break below this level could lead to further losses.
The moving averages, MA 50 and MA 200 are also moving closer together, indicating a potential bearish crossover in the near future. The volatility in the market is also increasing, as reflected by the widening of the Bollinger Bands. The upper band is at $6.627, while the lower band is at $4.961.Additionally, the Relative Strength Index (RSI) is currently at 43.93, heading toward oversold territory.
FIL/USD 4-hour price chart: Latest development
Looking at the 4-hour Filecoin price analysis also shows that the market is bearish, with the price trading below its 21-period moving average. The FIL/USD has formed a bearish engulfing candlestick pattern, indicating a shift in market sentiment. The next key level of resistance is at $5.76, however, a break above this could signal a potential reversal in the current trend.
The Bollinger Band average is showing a $5.523 range, indicating high volatility in the market. The upper limit of the Bollinger bands has also decreased, up to $5.741, while the lower band is at $5.305. Looking at the relative strength index (RSI), it is currently at 37.59 and indicates potential oversold conditions
Filecoin price analysis conclusion
Overall, the Filecoin price analysis indicates that the market sentiment bearish bias is strong in the market and it is likely that Filecoin will remain below the $5.74 resistance level in the short term. If the price does break above this level, then we could see a potential reversal in the current trend. Traders should be prepared to adjust their strategies accordingly.
