Filecoin price analysis shows signs of an uptrend today as the buying momentum is seemingly intensifying. The price covered an increasing movement during the day, as more buyers are investing in cryptocurrency. Currently, the coin value stands at $5.42 high, and chances of further uptrend seem near. Although the price underwent a sharp decline earlier today, the bulls have secured their wins.
Filecoin price analysis 1-day chart: FIL shows bullish strength after returning to $5.42
The daily Filecoin price analysis shows a strong bullish trend for the day, as the cryptocurrency value increased considerably. Green candlesticks have dominated the price chart for the past few hours, as the bulls have been securing consecutive wins. The FIL/USD value is currently standing at $5.42, and a further increase is to follow soon if the buying activity heightens further.
The moving average convergence divergence (MACD) is exhibiting a bullish crossover, which portrays increasing buying pressure. The red line has crossed the blue one from below to above, and buyers are willingly investing in the digital asset. The relative strength index (RSI) for FIL/USD shows that the coin is slightly neutral already as its value is standing at 43.74. The moving average (MA) value is standing at $5.377, and the current price is above this level.
Filecoin price analysis: Bulls encounter bearish pressure at $5.48
Filecoin price analysis reveals that the bulls are facing some resistance at the current level. If the bullish trend persists, the price may cross the $5.48 barrier but crossing over this level is uncertain. On the flip side, if buyers fail to keep up with their investments, a bearish correction can come into play. The support for Filecoin is present at $5.16 which is currently untouchable and keeps FIL/USD safe from bearish pressure.
The 4-hour technical chart for FIL/USD showcases a bullish engulfing pattern. This formation implies that the coin is in for more gains and the price may break above $5.48 soon. The MACD indicator is also exhibiting a positive trend, as its histogram value is increasing steadily and the red line has crossed over the blue one. The RSI value stands at 54.46, which shows that there is still some room for bullish momentum. The moving average indicator also highlights the bullish trend as its value is standing at $5.32 and the price is above this level.
Filecoin price analysis conclusion
In conclusion, Filecoin price analysis highlights a strong bullish trend for the coin. The buying pressure is high and the bulls are aiming for $5.48; however, a bearish correction cannot be ruled out yet. The technical indicators are exhibiting positive trends which signify that FIL value can surge higher in the near future. The support level for FIL/USD is standing at $5.16 and the coin value needs to cross over $5.48 in order to extend its gains further.
