Filecoin price analysis is bearish today as a retracement should follow after a strong advance over the past 24 hours. Therefore, we expect FIL/USD to retest the $75 previous resistance as support before further upside can be attempted.
The overall market traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 2.21 and 2.29 percent. Meanwhile, Filecoin (FIL) is among the best performers, with a gain of around 7 percent.
FIL/USD traded in a range of $71.53 – $80.97, indicating strong volatility over the last 24 hours. Trading volume has spiked by 140 percent and totals $2.06 billion, while the total market cap trades around $8.55 billion, ranking the coin in 22nd place overall.
FIL/USD 4-hour chart: FIL looks to retest $75 previous high as support?
On the 4-hour chart, we can see selling pressure returning for Filecoin price action as another higher low needs to be set before another push higher can be attempted.
Filecoin price action has seen strong bullish momentum over the past weeks. After a strong drop at the end of September, a new major swing low was set at the $50 mark.
From there, bullish momentum returned on the 1st of October as a strong rally to $74 was seen. What followed was a week-long consolidation of around $70, during which a base from which to continue higher was established.
FIL/USD saw another spike higher yesterday, breaking past the $75 resistance and quickly reaching $81, where rejection for further upside was seen overnight. Since then, Filecoin price action has turned bearish, and a slow retracement will likely follow over the next 24 hours.
Filecoin Price Analysis: Conclusion
Filecoin price analysis is bearish today as selling pressure has returned at the $81 new swing high. Therefore, we expect FIL/USD to retrace over the next 24 hours and likely retest the $75 previous high as support.