HomeAltcoinsFilecoin price analysis: FIL expected to break below support at $13.6

Filecoin price analysis: FIL expected to break below support at $13.6

-


Filecoin price analysis shows that the price of FIL/USD has followed a declining trend in the last 48 hours. The price has shifted towards an antagonistic movement, decreasing significantly, dropping from the $15.8 mark. The price appears to have experienced a big crash between May 5, 2022, and May 6, 2022, which caused the price to depreciate to $13.4 but then rose to $14 but continued to decline until it finally capped at $13.6. Moreover, the price has continued a declining movement today, on May 6, 2022. The current price of FIL is $13.6.

The cost of FIL has been down 11.90% in the last 24 hours, with a trading volume of $635,205,901—ranking #36 in the cryptocurrency ranking with a live market capital of $2,694,571,286.

FIL/USD 4-hour price analysis: Latest developments

Filecoin price analysis has revealed that market volatility shows increasing dynamics, making the market vulnerability a priority. As a result, the cryptocurrency’s price will become more sensitive to unpredictable and unstable surges of volatile change. The upper limit of the Bollinger’s band is present at $15.9, which acts as a strong resistance for FIL. Conversely, the Bollinger’s band limit’s lower limit is available at $11.3, representing the strongest support for FIL.

The FIL/USD price seems to be crossing under the Moving Average curve, indicating a bearish trend. Furthermore, the price path appears to be following a downward direction signifying a decreasing market. However, the market shows potential for further bearish opportunities, as the market was broken in the past few hours, but the price still moves downwards. As the market retraces its support, the price attempts to meet it once again.

Filecoin price analysis: FIL expected to break below support at $13.6
FIL/USD 4-hour price chart source: TradingView

Filecoin price analysis reveals that the Relative Strength Index (RSI) is 31, representing an undervalued cryptocurrency; the value is present in the devalued region. Furthermore, the RSI appears to be following a downward approach that reflects the value of the cryptocurrency decreasing and the dominance of selling activity.

Filecoin price analysis for 1-day: Market downward biased

Filecoin price analysis shows market volatility following a decreasing direction. This means that FIL/USD prices subject to fluctuations will fluctuate in the same direction as volatility; less volatility means less probability of the price shifting to either extreme. The upper limit of the Bollinger’s band exists at $21.6, which acts as the strongest resistance for FIL. On the other hand, the lower limit of the Bollinger’s band is available at $12.9, representing the strongest support for FIL.

The FIL/USD price seems to be crossing under the Moving Average curve, indicating a bearish trend. Furthermore, we can observe the price path following a downwards movement which may show reversal possibilities. If the market breaks the support, it will result in a breakout. Therefore a reversal will become imminent.

Filecoin price analysis: FIL expected to break below support at $13.6
FIL/USD 1-day price chart source: TradingView

Filecoin price analysis reveals that the Relative Strength Index (RSI) is 33, which means that the cryptocurrency shows undervalued signs. Filecoin falls in the devalued region. The RSI follows a downwards movement that reflects a decreasing market. The selling activity has exceeded the buying activity causing the RSI score to decline.

Filecoin Price Analysis Conclusion

Filecoin price analysis concludes that the cryptocurrency shows bearish momentum with room for further bearish opportunities. The price dropped to $13.4 on May 5, 2022, and is currently stuck under the $13.8 mark. The current price of Filecoin is $13.6. It seems the bulls have lost what control they had on the market; bears have engulfed the market.

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

ChainLink price analysis: LINK shows consistency at $7.7

ChainLink price analysis for September 30, 2022, reveals the market following an uncertain movement, showing constant momentum, signifying dormancy for the LINK market. The price...

Bitcoin, Binance Coin, Dogecoin, and Avalanche Daily Price Analyses – 30 September Morning Prediction

The global crypto market has seen a change in performance as it has continued to be bullish. The recent changes for Bitcoin, Binance Coin,...

Ethereum price analysis: ETH rejects downside, continues consolidation below $1,350

Ethereum price analysis is bullish today as we have seen failure to move lower and further consolidation over the last 24 hours. Therefore, ETH/USD...

How NFTs and the Metaverse can keep fashion luxurious

Luxury in the metaverse isn’t just exclusive to owning the biggest land plot or the best NFT avatar — it’s more than that....

Most Popular

spot_img