The Filecoin price analysis is dictating an increase in price after a stable bullish trend. The price of FIL/USD has broken above the $5.30 level and is now trading at $5.35. The bulls have managed to gain an edge over the bears as they take the price to higher levels. There has been a definite response from the bears as a strong correction was also observed the very next day when bears plunged the price down to $5.27. However, the coin has gained some bullish momentum again, and the trend is bullish for today, as well as the price has reached $5.35. Further, improvement is also expected as bulls showed good momentum at the start of the trading session.
FIL/USD 1-day price chart: Bulls bounce back as the price escalates towards $5.44
On the 1-day chart for Filecoin price analysis, we that the FIL/USD is going positive for the cryptocurrency as there has been a considerable amount of rising in the price value. The price has now surpassed the $5.35 level and is aiming to settle down at a higher level as it is moving towards the next resistance present at $5.44. The FIL/USD is trading at $5.30 at the time of writing and has gained a value of 1.8 percent during the last 24 hours.
The volatility has been on the increasing side for the day, and the Bollinger bands values are situated at the following marks; the upper band is at $6.62, the middle band is at $5.77 and the lower band is at $4.92. The Relative Strength Index value suggests that the bulls are in control of the market as it is trading just below the 50 mark and currently stands at 44.36. The moving average value is at $5.62, which suggests that the bulls are still in control of the market and bullish momentum will last for a few more days.
Filecoin price analysis 4-hour chart: Resistance at $5.44 is likely to be broken soon
The 4-hour chart for Filecoin price analysis shows that the FIL/USD is taking a bullish trend as the bulls have consolidated their position and are now aiming to break above the resistance of $5.44 in order to reach new highs. The selling pressure needs to be reduced for FIL/USD to take the next step and move above $5.44. The price is currently trading at $5.33, which suggests that a breakout from this level is possible as bulls are still in control of the market and they are likely to take the price further up.
The Bollinger bands indicator gives us the following values; the upper value is $5.70, while the lower band is at $5.21 and the middle band is placed at $5.45. The Relative Strength Index value stands at 42.34, which suggests that the bulls are still in control of the market, and further bullish gains are expected during today’s trading session. The moving average value for FIL/USD is currently situated around $5.37 just around the current level.
Filecoin price analysis conclusion
The Filecoin price analysis suggests the trend for FIL/USD has been bullish for the day as the bulls are trying to carry their lead in a broader bearish market. The price has leveled up again as it has successfully reached the $5.30 position. The bullish momentum is expected to intensify in the future as long as the support remains standing above $5.27. The next resistance on the chart lies at $5.44 and it is expected that bulls will break this level in today’s trading session, which could lead to a further increase in Filecoin’s price.
