Filecoin Price Analysis: Filecoin still struggling with bearish momentum around the $63 price range

TL;DR Breakdown

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

The price of Filecoin has been declining for the past few days. Another lower high was established today at $63 after failing to break the $62 threshold yesterday. As a result, we anticipate that FIL/USD will attempt another downward push over the next 24 hours.

Cryptocurrency heat map. Source: Coin360

Following a 1.971% rise in Bitcoin and a 0.93% increase in Ethereum, the general cryptocurrency market is trading bullishly according to Coin360’s heatmap. Binance Coin, Solana, and Cardano have lost seats, while Polkadot, and Ripple have posted gains.

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

The price of FIL/EUR moved between $62.48 and $63.97, indicating extremely low levels of volatility over the previous 24 hours. Trading volume has decreased by 30.49 percent to $518 million, putting the market capitalization at $7.2 billion, which is in the 28th position overall.

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

On the hour chart, we can see that bearish momentum is gradually returning in the Filecoin price action, suggesting more price drops are forthcoming today.

FIL/USD 4-hour chart. Source: TradingView

After a strong rise to $81 during the first days of October, a new major swing high was established.

On the other hand, the upward momentum was unable to keep up, resulting in a 25 percent retracement to $61 by October 13. From there, FIL/USD made a significant low at $72 before declining further last week.

Throughout the last week, some traders were disappointed that Filecoin’s price did not go lower than it had following its price surge. The $61 support was finally defended this week. Since then, the Filecoin price has retested the $61 support level. While there wasn’t much additional downside seen at first, we can anticipate another attempt to break above the $61 support over the next 24 hours.

Filecoin Price Analysis: Conclusion

Today’s Filecoin price analysis is bearish, as a local lower high has been established after a minor rebound from the $61 mark. As a result, we anticipate bearish momentum to explore the support again during the next 24 hours.

While waiting for Filecoin to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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