FIL/USD dips to lows of $6.27 as a firm bearish momentum builds

Filecoin’s price analysis reveals that FIL / USD is currently in a bearish trend after a short period of price consolidation. The crypto asset has lost over 1.94% in value in the past 24 hours and is trading at $ 6.27. Support for the coin is $ 6.21, while the strongest resistance is $ 6.59. Filecoin’s market cap is $ 1,726,030,467 and the 24-hour trading volume is recorded at $ 327,133,638.

The FIL / USD pair started the week on a positive note as the market opened at $ 6.55. The price reached an intraday high of $ 6.59 before starting to correct to the downside. This correction found support at around $ 6.21 and the price rebounded to $ 6.27. The bulls failed to maintain this momentum and the price fell below $ 6.27 once again.

FIL / USD 1-Day Price Analysis: Filecoin consolidates around $ 6.27

Filecoin’s price analysis over a 24-hour period reveals that market volatility is in a downward direction. This means that the fluctuating FIL / USD prices will fluctuate in the same direction as the volatility; less volatility means less likelihood that the price will move to one of the extremes. The upper limit of the Bollinger band exists at $ 6.59 while the lower limit is at $ 6.21.

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FIL / USD on a 1 day price chart, Source: TradingView

The Relative Strength Index (RSI) indicator for FIL / USD is currently at 46.03, which indicates that the market is in a bearish zone. The Stochastic RSI also supports this claim as it has just entered oversold territory. The Moving Average Convergence Divergence (MACD) shows that the crypto asset is in a bearish trend as the signal line is above the MACD line.

FIL / USD 4-hour price chart: recent developments and further technical guidance

The 4-hour price chart for Filecoin price analysis shows that the market is in a bearish trend as prices are moving down. The digital asset is trading below the moving averages, which indicates that the bearish trend is likely to continue in the short term.

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FIL / USD 4-hour price chart, Source: TradingView

The RSI indicator for FIL / USD is currently at 45.21 which indicates that the market is neutral. The Stochastic RSI is also in the neutral zone as it has just entered overbought territory. The MACD line is below the signal line which indicates that the market is in a bearish trend.

Conclusion on Filecoin price analysis

Bottom line, Filecoin’s overall price analysis is bearish as the digital asset consolidates near the $ 6.27 levels. Market indicators point to further bearish momentum in the near term as bearish winds continue to blow. Investors remain cautious about current economic conditions. Prices will continue to fall if the selling pressure persists.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com assumes no responsibility for any investments made based on the information provided on this page. We strongly recommend independent research and / or consultation with a qualified professional before making any investment decisions.

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