Filecoin price analysis: Bearish momentum degrades FIL price to $5.79

Filecoin price analysis shows that the market sentiment is bearish, and the price may continue to fall. The strongest resistance for FIL/USD is present at $5.93 and support is at $5.73. Filecoin’s price has seen a slight rebound in recent days, however, the bull run seems to have fizzled out as the prices have once again fallen below the $6.00 mark.

image 239
Cryptocurrencies price heat map, Source: Coin360

The overall market sentiment for Filecoin is bearish as the investors remain cautious about the current market conditions. The trading volume for FIL/USD price is declining, which is now at $113,950,635 as the digital asset consolidates near $8.25 levels. The total market capitalization for Filecoin is now at $1,646,170,267 as the cryptocurrency remains at the 11th position on CoinMarketCap’s list.

Filecoin price analysis 1-day price analysis: Market moves downward 

Filecoin price analysis on a 24-hour timeframe reveals that the market volatility is following a decreasing direction. This means that FIL/USD prices subject to fluctuations will fluctuate in the same direction as volatility; less volatility means less probability of the price shifting to either extreme. The upper limit of the Bollinger’s band exists at $ 5.74 while the lower limit is at $5.56. The price currently trades near the middle of the Bollinger’s band, indicating decreasing market volatility.

image 238
Source: Trading View

The moving average convergence/divergence histogram supports a bearish crossover as the MACD line (blue) crosses below the signal line (red). This suggests that the downward momentum is likely to continue in the near-term. The relative strength index is currently at 46.59 and it does not show any extremities, which suggests that there is no oversold or overbought conditions in the market.

FIL/USD 4-hour price analysis: Bearish momentum pulls price back to $5.79

The 4-hour timeframe for Filecoin price analysis shows a bearish trend as the price has undergone decline again despite the upwards price function during the starting hours of today’s session. The next few hours will be crucial for the market as the next few candlesticks will provide more insight into the market’s short-term trend.

image 237
Source: Trading View

The volatility is mild for the FIL/USD pair on the 4-hour chart as the upper Bollinger band trades at $5.93 which act as the immediate resistance for the prices, while the lower Bollinger band is at $5.73, which might provide support in case of a bearish breakout. The RSI has entered the lower half of the neutral zone and is present at index 47; the downslope of the RSI indicates increasing selling activity. The MACD line is over the signal line which suggests a bullish market trend in the near-term.

Filecoin price analysis conclusion

In conclusion, the overall Filecoin price analysis is bearish as the digital asset consolidates near $5.79 levels. The market indicators are pointing to further downside momentum in the near term as the bearish winds continue to blow. Investors remain cautious about the current economic conditions. Prices will continue falling if the selling pressure persists.

Disclaimer. The information provided is not trading advice. holds no liability 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 decision.

Source link