Filecoin price analysis: FIL enters bullish zone after a period of brief bearish run

Filecoin price analysis shows a negative market trend set for FIL prices after a period of a bearish run. Support for Filecoin prices is set at the $10.60 level after a bearish run seen in the market before prices corrected themselves. However, the $12.44 level is still a major resistance point for prices and bulls will have to push through this point for any further gains in price.

Filecoin price analysis shows the FIL/USD pair has been trading in a range of $10.61 to $12.44 and is up by 3.17 percent in the last 24 hours. The trading volume for FIL prices is currently at $987,789,412.68 while the market cap is at $2,363,124,397.47.The digital asset is currently ranking position 38 in the overall market as it dominates 0.16 percent. The larger cryptocurrency market has had a bloodbath for the most part of the day as the majority of the digital assets are in the red today.

Filecoin price action on a 1-day price chart: FIL prices retrace after a brief bearish run

The Filecoin price has had a good day as the digital asset surged by over 3 percent against the US Dollar. The FIL/USD pair entered a bullish zone and is currently trading around $11.02. After a period of slight bearish pressure, the bulls have pushed prices up from the support at $10.60 and are currently challenging the $12.44 resistance. A successful close above this level could see prices target the $13.00 level in the near term.

The MACD line is seen to be crossing the red signal line from below which indicates a bullish crossover. The RSI indicator is seen moving towards the overbought zone as buyers take control of the market. The Bollinger bands are seen to be expanding which tells us that volatility is on the rise.

Filecoin price analysis on a 4-hour price chart: Minor bearish pressure on the digital asset

The 4-hour price chart for Filecoin shows that the prices have been retracing after a brief bearish run. The digital asset is currently trading around the $11.00 level and is facing resistance at the $12.00 level. The 50 moving average is seen providing support to prices at $10.75 while the 200 moving average is seen at $9.97.

The MACD indicator is currently on the verge of crossing the red signal line from below which could indicate a bullish crossover. The RSI indicator is currently seen moving towards the overbought zone as buyers gain control of the market. The Bollinger bands are seen to be expanding which shows the market volatility is increasing as the current buying action is set to increase.

Filecoin price analysis conclusion

Filecoin price analysis for today shows a bullish sentiment of the market as the digital asset surged by over 3 percent against the US Dollar. The Filecoin price is currently trading at $11.02 and is facing resistance at the $12.44 level. Filecoin is among the few cryptocurrencies which have remained stable amid the bearish market conditions seen today.

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.

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• Source: https://www.cryptopolitan.com/filecoin-price-analysis-2022-05-10/