Filecoin price analysis shows a bearish market sentiment since it has been trading on a downtrend pattern since the beginning of the day. The selling pressure has had the upper hand dropping the price from a high of $6.38 to its current value of $6.10. In the process, the price dropped by around 3 percent.
The immediate support for FIL/USD lies at $6.05, which if breached could lead to further downside potential toward the next support level at $5.90. However, if the bulls can break above the resistance level of $6.38 in the upcoming sessions, we could see a rally toward higher levels in Filecoin prices.
As the price is facing a decline, the market capitalization has faced a decrease as it currently stands at $2.55 billion. The trading volume is one increase as it is currently at $230 million having gained 19.21% which shows that the buying pressure is still in the market.
Filecoin price analysis 24-hour chart: Bears drop FIL/USD toward the $6.00 level
The 24-hour chart for Filecoin price analysis shows a downward trajectory as the bears have been dominating the market. FIL opened its trading session with the bulls driving the price up to the $6.38 mark before the bears took control and pushed it down to $6.05 which is acting as the current support level.
The Relative Strength Index (RSI) indicator is dropping toward the 50 level with a value of 53.70 indicating that selling pressure is still in the market. The Moving Average Convergence Divergence (MACD) indicator is also signifying that bearish momentum is prevailing in the FIL/USD pair as the green bars on the histogram are fading toward the baseline. The moving average (MA) indicator shows a price pullback as the green candlesticks have been overthrown by the red ones.
Filecoin price analysis 4-hour chart: Recent developments and further indications
The 4-hour Filecoin price analysis shows that although there is still bearish pressure in FIL’s market bulls are still trying to step in. The price has been consolidating between the two levels of $6.05 and $6.15, which could be seen as an attempt by buyers to increase their positions at a lower price point.
The technical indicators on this timeframe suggest bulls are gaining control of the market as the Relative Strength Index (RSI) has been slowly climbing up in the neutral region with the current value at 47.21. The MACD is still in bearish mode with the MACD line still below the signal line showing that the buying pressure needs to be strong to counter the sellers in the market. The MA indicator also shows that a short-term breakout could be expected with both red and green candlesticks present.
Filecoin price analysis conclusion
In conclusion, Filecoin price analysis suggests that the FIL/USD pair is currently facing a bearish market sentiment as sellers have been in control. If bulls can drive the price above the resistance level in upcoming trading sessions as seen in the 4-hour chart, then we could see a surge in prices while if they cannot sustain the pressure, then we could see FIL/USD drop further.
