Filecoin price analysis: FIL price stumbles at $5.52 due to a bearish takeover

Cryptocurrencies price heat map: Coin360

The latest Filecoin price analysis confirms the bearish trend for today, as the selling activity has intensified. The price function is headed downwards at the moment marking a drop in cryptocurrency’s value, as it is now settling at a $5.52 low. Although the bulls were leading the market in the previous day, the current market trend is supporting the bears. Further downfall in FIL/USD value can be expected in the upcoming hours.

FIL/USD 1-day price chart: Cryptocurrency value slips back to a $5.52 margin

The one-day Filecoin price analysis predicts a bearish trend for the market as a sudden drop in price was observed today. Although the bulls were progressing quite swiftly in the previous week, the trends are shifting in favor of the sellers. The coin value has been reduced to $5.52, losing around 0.75 percent value overnight due to the latest bearish shock. The moving average (MA) value is still far below the price level, which is standing at $5.53.

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

The Bollinger bands are slowly contracting, which means that a further downturn in price is quite expectant. The upper value of the Bollinger Bands Indicator is now $5.64, whereas the lower value is now $5.50, representing high volatility for FIL. The Relative Strength Index (RSI) graph shows a bearish curve as well, as the score has downgraded to an index of 45.62, but this still is an acceptably good score.

Filecoin price analysis: Recent developments and further technical indications

The 4-hour Filecoin price analysis shows that the value has undergone a decline in the past four hours, as the price has covered a downward movement. The four-hour price chart shows a red candlestick occupying the leading position, and the price has been lowered to a $5.52 low. The selling activity will likely intensify further as the bearish pressure is heightening up. As mentioned in the four-hour price chart, the moving average value is at a $5.53 high above the price level.

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

Due to the latest downturn, the Bollinger bands average is now touching the $5.51 mark. The upper end of the Bollinger bands indicator is at $5.64, and its lower end is at $5.50. The RSI graph shows a downward curve, and after falling from the overbought region, the indicator is settling at index 47.95, in the neutral range.

Filecoin price analysis conclusion

Filecoin price analysis shows a bearish, and a further decline is expected in the market. The bulls had attempted to push prices higher but failed as the market found support at the $5.50 level. Prices are currently facing resistance at the $5.64 level, and if prices can break above this level, it would be a bullish sign for the market. However, if prices fail to break out of the descending channel pattern, it would be a bearish sign as prices could fall back to the $5.50 level.

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