Filecoin price analysis: FIL/USD consolidate near $8.25 amid bearish winds

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Filecoin price analysis indicates a strong bearish movement for FIL prices as bears increase their grip on the market. After a brief price rally to the resistance of $8.84, FIL/USD prices have fallen sharply and are now trading near $8.25. The bearish pressure is likely to continue in the near term as technical indicators suggest further downside momentum. The market is expected to remain bearish in the near term as selling pressure continues to be witnessed in the market.

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Cryptocurrencies prices heatmap, 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 $242,379,793 as the digital asset consolidates near $8.25 levels. The total market capitalization for Filecoin is now at $1,700,920,989 as the cryptocurrency remains at the 10th position in terms of market capitalization.

FIL/USD 1-day price analysis: Filecoin consolidates around $8.25

Filecoin price analysis on the 24-hour price chart shows FIL prices have been following a descending channel since the mid of May. The cryptocurrency reached a high of $9.48 on March 3 as prices started to decline. After consolidating near $8.84 levels, FIL/USD started to decline and reached a low of $8.23 yesterday. Prices have bounced back slightly and are now trading around $8.25 levels

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

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The Relative Strength Index for Filecoin on the 24-hour price chart is now at 38.82, which indicates that the digital asset is currently in the oversold region of the market. The MACD indicator is also bearish as the signal line is above the MACD line. The MA 50 is also bearish as it is below the candlesticks. The MA 200 is bearish as it is above the candlesticks. Overall, the market indicators are pointing to further downside momentum in the near term.

FIL/USD 4-hour price chart: Recent development and further technical indications

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

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

The MACD line is above the signal line which indicates that the market is bearish. The RSI for Filecoin on the 4-hour chart is currently at 36.43, which indicates that the digital asset is currently in the oversold region of the market.

Filecoin price analysis conclusion

In conclusion, the overall Filecoin price analysis is bearish as the digital asset consolidates near $8.25 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.

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