Filecoin Price Analysis: FIL/USD set to be bullish for the next 24 hours

TL;DR Breakdown

  • Filecoin price analysis shows positive signs of recovery
  • FIL/USD has retraced to previous resistance at $69
  • The Crypto market is likely to reverse later today.

Today’s Filecoin price analysis is bullish, as previous significant resistance has been broken and will most likely support. As a result, we expect FIL/USD to remain unchanged later today. Crypto is likely to reverse soon as altcoins consolidate with Bitcoin.

If previous support holds, we expect FIL/USD to trade around $69 and form a bullish flag with high chances of breaking out and retesting previous highs at $90 later today. As the market recovers from the sudden selloff, we expect it to continue trading sideways until sufficient momentum is regained.

It has been a relatively calm day in the market that has consolidated into equilibrium after some days of turmoil and uncertainty. However, Bitcoin (BTC) had an impressive recovery and is currently trading above $61,050. As a result, we expect most altcoins to trade positively today as the market recovers from the sudden selloff.

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

Filecoin (FIL) has retraced to previous resistance at $69 and is likely to form a bullish flag with high chances of breaking out and retesting previous highs at around $90. Previously, the market had been bearish, which resulted in a significant drop from the resistance at $98 to support at $60. If this trend continues, we expect the market to continue trading sideways until sufficient momentum is regained.

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

As the 4-hour chart shows, FIL/USD has retraced to $66, previous resistance. The market also went below the 61.8% Fibonacci retracement level, although it soon found support at $60, which was previous resistance and is likely to serve as a pivot point later today.

Filecoin Price Analysis: FIL/USD set to be bullish for the next 24 hours 2
FIL/USD 4-hour chart. Source: TradingView

The price of Filecoin has had a lot of good bullish momentum recently, and the value has increased significantly in recent weeks. There was a big rally after hitting an all-time low of $55 on October 1st,

For almost a week, the price topped at about $73. On Friday, when numerous failed attempts and higher lows were established, the value rose dramatically. The $81 barrier was broken after a few hours of struggle.

Following the first resistance at $73, the Filecoin price has retraced, with the $73 previous barrier now acting as a support. We anticipate a fresh lower low to be established next week if FIL/USD is above the support if we maintain our bearish outlook.

Filecoin Price Analysis: Conclusion 

However, on the bright side, support is established at $65.01, which was the previous significant barrier. On the other side of the equation, as long as the $68.00 mark holds, we are bullish for FIL/USD in the next 24 hours.

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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