Filecoin price analysis shows a positive day of trade for the token’s bulls, as price recovered from yesterday’s 12 percent decline to move back above the $5 mark. With support set at $4.5, FIL bulls will be hoping to target the immediate resistance at $6, after initially facing rejection around that point. FIL has largely enjoyed a bullish month of January, with price extending from the $3.0 mark at the start of the year to record a month-long high at $5.78 on January 22. At the current level of $5.23, FIL can go either way as price sits right in the middle of support and resistance.
The larger cryptocurrency market enjoyed another positive 24 hours, as Bitcoin moved back above the $23,000 mark with a 1.5 percent increment, and Ethereum rose up to $1,600. Among leading Altcoins, Ripple rose 2 percent to move up to $0.40, and Cardano picked up around 5 percent to ascend up to $0.39. Meanwhile, Dogecoin racked up almost 9 percent to increase as high as $0.09, whereas Polkadot stayed at $6.2 with a 1 percent increment.
Filecoin price analysis: Technical indicators show bearish signs on daily chart
On the 24-hour candlestick chart for Filecoin price analysis, price can be seen showing a mixed trend since the past week with the token oscillating around the $5 mark. Even though price formed a recovery over the past 24 hours from yesterday’s sudden 12 percent decline, FIL still trades below the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $5.21.
The 24-hour relative strength index (RSI) can be seen dropping down to the 60 mark and below the signal line, exhibiting an incoming correction for FIL price. Furthermore, the moving average convergence divergence (MACD) curve trend line has moved just below the signal line to record a bearish divergence, presenting another bearish signal.
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