Filecoin price analysis: FIL gains momentum at $8.16

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Filecoin price analysis is presently bullish as the coin fluctuates around $8.16 after a bullish run yesterday. Support for Filecoin ’s value has been found at the $7.94 mark, and this has resulted in a price increase of about 1.65 percent, and it looks like the bulls are gearing up for another attack on the $8.31 resistance level. If they are successful in breaking this level, it would take the value of the coin up to $9

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Cryptocurrencies prices heatmap, Source:TradingView

Filecoin price analysis shows the FIL/USD pair has been trading in a range of $7.94–$8.31 for the past few days, and it looks like the bulls are slowly gaining control of the market as they push prices up from the lower end of the range. The trading volume for FIL prices is currently at $223,208,886 while the market cap is at $1,735,109,040 .The digital asset is currently ranking at position 31 on CoinMarketCap’s list of largest cryptocurrencies by market cap.

1-day Filecoin price analysis: FIL/USD trades at $8.16 after a bullish run

Filecoin price analysis on the daily charts shows FIL prices have made major changes in the last 24 -hours. The FIL/USD pair started the day trading at $8.02 and made a high of $8.31 before closing the day at $8.16 and slowly increased its value to reach the $8.31 resistance level by the end of the day. However, prices have pulled back slightly and are currently trading at $8.16.

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FIL/USD 1-day price chart , Source: TradingView

Filecoin price is in a bullish trend as the Relative Strength Index indicator on the 24-hours charts are above the 60 levels and pointing upwards. The Moving Average Convergence Divergence indicator is also in the bullish territory as the MACD line is above the signal line, while MA50 is trending above MA200, which is a bullish sign.

The Support and Resistance Levels for the day are placed at $7.94 and $8.31, respectively, the $8.16 level presently acts as a support for the bulls, and if they can protect this level, we may see prices move up to retest the $8.31 resistance level. However, if the bears take control of the market, we may see prices drop to the $7.94 support level.

4-hour Filecoin price analysis: FIL/USD is facing resistance at $8.31

On the 4-hour charts, we can see that the Filecoin price has been in a bullish trend as the prices have been trading above the moving averages. The 50 MA is currently at $7.96, and the 200 MA is at $7.65, which indicates that the path of least resistance is to the upside. The RSI indicator is currently at 57 levels and is pointing downwards, which shows that there is some selling pressure in the market but is not enough to push prices down.

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

The MACD indicator is currently in the bullish territory as the MACD line is above the signal line, but the histogram is decreasing, which shows that the momentum is slowly fading away. The Support and Resistance Levels for the 4-hour chart are placed at $7 MACD indicator is also in the bullish territory as the MACD line is above the signal line, and we may see a crossover soon. The Support and Resistance Levels for the day are placed at $7.94 and $8.31, respectively.

File coin price analysis conclusion

Filecoin price analysis shows that the bulls are in control of the market as prices have been increasing steadily over the past few days. However, the traders should be cautious as the prices may consolidate before making another move. The next few days will be crucial in determining the direction of the market. Filecoin is among the few cryptocurrencies that have shown some stability in the last few days while most others are still struggling to find their footing.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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 decisions