Filecoin Price Analysis: FIL still holds above $61, break lower to follow?

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TL;DR Breakdown

  • Filecoin price analysis is bearish.
  • FIL/USD tested the $61 support again yesterday.
  • Local lower high set at $64.

Filecoin price analysis is bearish today as another lower high has been set at $64 after a failure to breach the $61 mark yesterday. Therefore, we expect FIL/USD to attempt another push lower over the next 24 hours.

Filecoin Price Analysis: FIL still holds above $61, break lower to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. Bitcoin gained 1.26 percent, while Ethereum lost 0.13 percent. Meanwhile, Fantom (FTM) is the top performer, with a gain of almost 13 percent.

Filecoin price movement in the last 24 hours: Filecoin finds support at $61 again

FIL/USD traded in a range of $61.48 – $63.97, indicating moderate volatility over the last 24 hours. Trading volume is down by 30.49 percent and totals $518 million, while the total market cap trades at $7.2 billion, ranking the coin in 28th place overall.

FIL/USD 4-hour chart: FIl prepares to break below $61?

On the 4-hour chart, we can see bearish momentum slowly returning for the Filecoin price action, indicating more downside will follow today.

Filecoin Price Analysis: FIL still holds above $61, break lower to follow?
FIL/USD 4-hour chart. Source: TradingView

Filecoin price has traded in a strong bearish momentum over the past weeks. After a strong rally to $81 during the first days of October, a new major swing high was set.

However, bullish momentum could not keep up, leading to a 25 percent retracement to the $61 mark by the 13th of October. From there, FIL/USD set a major lower high at $72 before pushing lower again last week.

Since then, the Filecoin price action has retested the $61 support. While initially further downside was not seen, we can expect another attempt to break lower over the next 24 hours. 

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bearish today as a local lower high has been set after a slight bounce from the $61 mark. Therefore, we expect bearish momentum to test the support again over the next 24 hours.

Source: cryptopolitan.com

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