Filecoin Price Analysis: FIL returns below $86 resistance, looks to set a higher low?

TL;DR Breakdown

• Filecoin price analysis is bearish for today.
• FIL/USD declined today.
• Filecoin is likely to retrace further to set a higher low.

Filecoin price analysis is bearish today as the market has returned below the $86 resistance after setting a slightly higher high. Therefore, we expect FIL/USD to see further downside over the next 24 hours and set another higher low.

The cryptocurrency market traded with a slight loss over the last 24 hours. Bitcoin saw a decline of 0.52 percent, while Ethereum gained 4.26 percent. Meanwhile, Avalanche (AVAX) is the best performer, with a gain of 21 percent.

Filecoin price movement in the last 24 hours: Filecoin starts to retrace below $86

FIL/USD traded in a range of $82.51 – $90.59, indicating strong volatility over the last 24 hours. Trading volume has increased by 11.27 percent and totals $1.62 billion, while the total market cap trades around $9 billion, ranking the coin in 22nd place overall.

FIL/USD 4-hour chart: FIL looks to set higher low?

On the 4-hour chart, Filecoin price action continues to drop over the past hours as bears look to set a higher low.

Filecoin price action traded with strong volatility over the past weeks. After a strong rally to the $120 resistance initially, with a gain of 70 percent, further upside could not be reached on the 7th of September.

FIL/USD saw a strong reversal back to the $70-$75 support area over the following 24 hours. From there, FIL rebounded to $94 and went for the second retest of the support area.

On Monday, the Filecoin price spiked below the $75 support again, with an immediate buying pressure appearing. This price action development resulted in a strong move higher yesterday, with a higher local high set at $90. Since then, FIL/USD has retraced and returned below the $86 support.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bearish for today as we have seen selling today, with the market price returning below the $86 support. Therefore, we expect to see further downside for FIL/USD later today, with a higher low set this week.

While waiting for Filecoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.