The recent Filecoin price analysis shows a downtrend trading pattern as the market conditions remain bearish. The bears are dominating the market and pushing FIL/USD toward its current support level of $5.48. The FIL/USD pair has traded in a range of $5.78 – $5.48, as the bearish market sentiment continues to influence prices.
Currently, FIL is trading at $5.49 with a 3.04 percent decline in the past 24 hours. At its highest point today, Filecoin reached $5.78, however, a massive sell-off caused prices to plummet to $5.48 in the aftermarket trading session. The bulls have been unsuccessful in pushing the price back up, and a breach below the $5.48 support level could lead to further losses in the near term.
The 24-hour volume has decreased by 5.6 percent to $1.17 billion as the bearish market sentiment continues to prevail. The market capitalization too is at decrease as FIL is now valued at $17.64 billion.
Filecoin price analysis 1-day chart: FIL devalues to $5.53 as bearish momentum mounts
The daily chart for Filecoin price analysis reveals that its price has been moving in downward since the start of today’s trading session. Today, the bears made a successful return after a constant bullish wave dominated the market in the past week.
On the technical indicators, the MACD line has crossed below the signal line further confirming a bearish trend with the histogram entering the negative territory. The Relative Strength Index (RSI) has also dipped below the 50 level and is also pointing below with a value of 42.21 indicating bearish momentum. Additionally, the moving average (MA) line has crossed over the candlestick indicating bearish price action. The red candlesticks on the chart further confirm a downtrend in prices.
Filecoin price analysis hourly chart: Recent developments
The hourly Filecoin price analysis favours the sellers, as a downward price movement continues ruling the chart. The market is expected to remain bearish, and a further break below the $5.48 support level could lead to a retest of the $5.00 mark. According to the hourly price chart, the moving average (MA) value settles at $5.60.
The technical indicators in this timeframe also point toward a bearish trend. The Relative Strength Index (RSI) indicator is dropping toward the 30 mark and is currently hovering around the 30.96 level. The Moving Average Convergence Divergence (MACD) indicator has a negative value and the histogram confirms a bearish momentum as the red bars are dominating the chart.
Filecoin price analysis conclusion
Overall, Filecoin’s price analysis will need some positive news or bullish price action to break out of the bearish market condition and move toward its next resistance level of $5.78. If traders are able to push prices up above this level, then it could be the start of a bullish uptrend. However, if the bears succeed in pushing prices below the $5.48 support level, then FIL could face further losses in the near term.
