Filecoin price analysis reveals that the FIL/USD is currently consolidating after a recent fall. The value depreciated to $7.65 today as the market witnessed a bearish extension. The FIL/USD pair fell today after yesterday’s minor price rebound. The market had been in a consolidation phase for the past few days but yesterday’s move up seems to have ended that. The Filecoin price is now facing strong resistance at $8.33 while it has found support at $7.54.
The overall market sentiment is bearish as investors remain cautious about the current economic conditions. The general overview of the Filecoin market has seen the trading volume for FIL prices decline, which is now at $342,322,260 as the digital asset moved in a range of $7.54 to $8.33 in the last 24 hours, while the market cap is currently at $1,628,103,918The digital asset is ranked in position 35 on CoinMarketCap.
FIL/USD 1-day price analysis: Filecoin consolidates around $7.65
Filecoin price analysis on the 1-day price chart shows that the FIL/USD pair is consolidating around $7.65 after a recent bearish extension. The market had been in a consolidation phase since yesterday but prices fell today as bears took control of the market. The value is currently facing resistance at $8.33 while it has found support at $7.54. The FIL/USD pair is currently in a bearish trend as the market sentiment remains negative.
The RSI indicator is currently at 40.98 as the market witnessed a bearish extension. The MACD indicator shows a bearish crossover as the market momentum shifts in favor of the bears. The 100 EMA line is currently below the 200 EMA line, which indicates that the path of least resistance is towards the downside.
FIL/USD 4-hour price chart: Recent development and further technical indications
Filecoin price analysis of the 4-hour chart 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.
The MACD indicator on a 4-hour price shows that it is above the signal line and is currently in bearish territory. The RSI indicator is currently at 43.06 which indicates that the market has more room to fall. The 100 EMA is above the 200 EMA which indicates that the path of least resistance is to the downside.
Filecoin price analysis conclusion
In conclusion, the overall Filecoin price analysis is bearish as the digital asset consolidates near $7.65 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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