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- Filecoin price analysis is bearish.
- FIL/USD tested the $61 support again yesterday.
- Local lower high set at $62.6.
The price of Filecoin is bearish today, as a new lower high has been established at $64 after failing to breach the $61 barrier yesterday. As a result, we anticipate that FIL/USD will attempt another push down during the next 24 hours.
Meanwhile, the overall cryptocurrency market is trading bearishly with most coins recording losses of up to 5%. Binance Coin, Solana, and Vechain are among the only few gainers on the one-day chart. Market leaders Bitcoin and Ethereum lost 0.72 and 0.34 percent respectively.
Filecoin price movement in the last 24 hours: Filecoin tests support at $61 again
FIL/USD traded in a range of $61.48 – $62.97, indicating moderate volatility over the last 24 hours. Trading volume is down by 30.49 percent and totals $518 million, while the total market cap trades at $7.2 billion, ranking the coin in 28th place overall.
FIL/USD 4-hour chart: FIl prepares to break below $61?
On the hourly chart, we can see bearish momentum slowly building up for the Filecoin price action, implying more losses are ahead today.
FIL/USD 4-hour chart. Source: TradingView
The Filecoin price has been in a strong bearish trend for the past several weeks. On October 1, after establishing a significant swing high, it plummeted.
The coin gained significant ground, reaching an all-time high of $1.20 on October 13th, while the market fell back to its 200-day moving average on October 12th at $61. However, the buy-side witnessed a 25 percent retracement on October 13th, when it dropped to $61.
Since then, the Filecoin price has retested the $61 support. While a downward move was initially halted at this level, another effort to break lower is anticipated throughout the next 24 hours.
Filecoin Price Analysis: Conclusion
Today’s Filecoin price analysis is bearish, as a local lower high has been established following a slight rebound from the $61 level. As a result, we expect bearish momentum to test the support again in the next 24 hours.
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