The latest assessment of the Filecoin price analysis indicates a bearish trend as the cryptocurrency faces yet another decline. Following a downward trajectory for two days, the price has now dropped to $4.42. While bears currently hold sway in the market, the situation remains relatively stable as the coin enters a consolidation phase. This is supported by the coin’s adherence to a specific price range during the previous bearish period, and today’s loss appears to be under control.
FIL/USD 1-day price chart: Bearish sentiment results in the price going below $4.5
The Filecoin price analysis chart depicts a bearish movement as the price steadily declines, resulting in significant losses throughout the current month. Despite trading within a narrow range over the past few days, today’s FIL/USD price witnessed a slight drop to $4.42. Although the coin has registered a 0.59 percent increase in value over the past 24 hours, it has experienced a 1.91 percent loss over the last week due to the prevailing bearish market trend. Moreover, today’s trading volume has decreased by more than nine percent.
The upper Bollinger band at $5.78 acts as a significant resistance level for FIL, while the lower Bollinger band value of $3.99 provides support in a highly volatile market. With the decrease in price, the Relative Strength Index (RSI) has fallen to 30, indicating near oversold conditions. The RSI’s position in the lower range signifies the prevailing bearish pressure on the coin.
Filecoin price analysis: Recent developments and further technical indications
At the start of the trading session, the 4-hour Filecoin price analysis signaled a bullish trend as the price increased to $4.49 with an upward breakout. There is decreasing pattern again as the price is covering range downwards at the moment. The current price is slightly lower than the moving average value of $4.43.
Over the past four hours, the price has exhibited gradual fluctuations, indicating a lack of volatility. Presently, the upper Bollinger band sits at $4.51, while the lower Bollinger band is at $4.37. The RSI score has also declined and is currently hovering at 46 within the lower half of the neutral zone.
Filecoin price analysis: Conclusion
The 4-hour and 1-day Filecoin price analysis indicate that the FIL is facing resistance below the $4.5 threshold, but there is potential for finding support in the coming hours. A continuous downtrend has been observed over the previous four hours. Furthermore, the narrowing Bollinger bands on the 24-hour chart suggest decreasing volatility, supporting the notion of an ongoing consolidation phase.
