Filecoin Price Analysis: FIL spikes to $70 overnight, ready to rally higher?

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    TL;DR Breakdown

    • Filecoin price analysis is bullish for today.
    • FIL/USD made another spike lower overnight.
    • The $70 major support still holds.

    Filecoin price analysis is bullish today as another rejection for further downside was seen overnight, and the market has increased since then. Therefore, we expect FIL/USD to reach further upside later today.

    Filecoin Price Analysis: FIL spikes to $70 overnight, ready to rally higher? 1
    Cryptocurrency heat map. Source: Coin360

    The overall market traded mostly in the green over the last 24 hours. The market leader, Bitcoin, lost 0.53 percent, while Ethereum increased by 0.92 percent. Meanwhile, Cardano (ADA) is the market leader today, with a gain of more than 6 percent.

    Filecoin price movement in the last 24 hours: Filecoin retests the $70 major support again

    FIL/USD traded in a range of $70.19 – $78.58, indicating strong volatility over the last 24 hours. Trading volume has increased by 35.17 percent and totals $1.55 billion. Meanwhile, the total market cap trades around $8.26 billion, ranking the coin in 20th place overall.

    FIL/USD 4-hour chart: FIL ready to rally?

    On the 4-hour chart, we can see bulls slowly taking over the Filecoin price action with some upwards pressure building up.

    Filecoin Price Analysis: FIL spikes to $70 overnight, ready to rally higher?
    FIL/USD 4-hour chart. Source: TradingView

    Filecoin price action saw bearish momentum return over the past week. After a quick spike to the $70 mark for the second time on the 13th of September, FIL/USD rallied to $90 on the 16th of September.

    However, the Filecoin price reversed and, after some consolidation, declined to the $70 major support again. Yesterday, bulls rejected further downside, followed by another failed attempt to move lower overnight.

    Overall, this price action development indicates that a new significant swing low is set, and the market is ready to reverse to the upside again. FIL/USD is likely to rally over the next 24 hours and move to retest the $86 resistance latest this week.

    Filecoin Price Analysis: Conclusion 

    Filecoin price analysis is bullish today as a new swing low has likely been set over the last 24 hours above the $70 mark. As FIL/USD rejected further downside, we expect bullish momentum to return later this week, with the closest resistance around $86.

    While waiting for Filecoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

    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 decisions.