Filecoin price analysis is bearish today as the FIL price follows a downtrend again, slipping below the $5.60 level and testing the support of $5.45. FIL is trading at $5.50 after dropping more than 2.21 percent on the day.
The bearish trend in Filecoin has been developing since the start of today’s session, with more bearish movements occurring later in the day. The support of $5.45 has been tested again and managed to hold the bears back from taking bearish control, but the resistance of $5.66 is a challenge for bulls to overcome.
Filecoin price analysis 1-day chart: FIL/USD follows the downward trend
The 1-day price chart for Filecoin price analysis shows the price has decreased further after yesterday’s plunge. The FIL/USD pair is trading hands at $5.50 at the time of writing. The bullish movement on the previous day which drove the price up to $5.66 was met with stiff resistance and the bulls are currently unable to make any further advancements.
The volatility has been mild as the Bollinger bands converged to signify a consolidation phase. The upper Bollinger band is seen at $6.56 and the lower band is around the $5.10 level, which is proving to be a formidable support for FIL/USD pair. The 50-day moving average (MA) has dropped below the 100-day MA, suggesting that the bearish pressure will remain in control as long as the 50-day MA remains below the 100-day MA.
The Relative Strength Index (RSI) has dropped to 45.77, which is well into the bearish territory and suggests that the bearish pressure will remain for some time as long as this indicator stays beneath the 50 levels.
Filecoin price analysis: The resistance level for the asset is seen at $5.66
The 4-hour Filecoin price analysis shows the price breakout was downwards following yesterday’s bearish lead. The price action has been downwards for most of the time today; however, bulls need a strong showing for the price to break above the resistance of $5.66.The bearish pattern is expected to remain in control as long as FIL prices remain below the $5.66 resistance level and continue to test the support at $5.45.
The volatility is low, as signaled by the Bollinger bands which converged around the FIL/USD pair. The upper Bollinger band is seen at $5.66 and the lower band is around the $5.84 level, which may prove to be a major support for the pair. The Relative Strength Index (RSI) is currently at 43.14, which is well into the neutral zone, and if bearish pressure continues, it is likely to drop further into the oversold territory.
Filecoin price analysis conclusion
Overall, Filecoin price analysis shows that the bears are dominating in short-term trading as long as FIL prices remain below $5.66. As long as this resistance level holds, the chances of a bullish trend developing are slim. The bulls will need to take charge and push prices above $5.66 to create an uptrend. Until then, the bearish trend is expected to continue for a while longer.
