Filecoin price analysis is bearish today.
Resistance is at $4.58.
The support price of FIL is $3.99.
The latest assessment of Filecoin price analysis indicates a bearish trend as the cryptocurrency faces another drop. After two consecutive days of decline, the price has now dropped to $4.42. While bears are currently dominating the market, the situation remains relatively stable as the coin enters a consolidation phase. This is thanks to the coin sticking to a specific price range during the previous bearish period, and today's losses seem to be contained.
FIL/USD 1-day price chart: Bearish sentiment leads price below $4.5
Filecoin price analysis charts depict a bearish trend as the price has steadily declined, resulting in significant losses throughout the month. Despite the narrow range movement over the past few days, today’s FIL/USD price has slightly dropped to $4.42. Although the token has gained 0.59% in value over the past 24 hours, it has lost 1.91% over the last week due to the general bearish market trend. Moreover, today’s trading volume has decreased by more than nine percent.
The upper Bollinger Band level of $5.78 is an important resistance level for FIL, while the lower Bollinger Band level of $3.99 provides support in highly volatile markets. As prices fall, the relative strength index (RSI) has fallen to 30, indicating approaching oversold conditions. The position of the RSI in the lower range indicates that there is a prevailing bearish pressure on the coin.
Filecoin Price Analysis: Recent Developments and Further Technical Indicators
4-hour Filecoin price analysis shows a bullish trend at the start of the trading session, with the price rising to $4.49 and seeing an upside breakout. A falling pattern is again in play as the price is currently covering a range downwards. The current price is just below the moving average at $4.43.
The price has shown a gradual fluctuation trend over the past four hours, indicating a lack of volatility. Currently, the upper Bollinger Band is at $4.51, while the lower Bollinger Band is at $4.37. The RSI score has also declined and is currently hovering at 46 points in the lower half of the neutral zone.
Filecoin Price Analysis: Conclusion
Filecoin price analysis on a 4-hour and 1-day basis shows that FIL is facing resistance below the $4.5 threshold but is likely to find support in the coming hours. A sustained downtrend has been observed over the past four hours. Furthermore, the narrowing of the Bollinger Bands on the 24-hour chart suggests a decline in volatility, supporting the notion of a continued consolidation phase.
