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Filecoin Price Analysis: FIL breaking above $66,  ready to finally set a higher high?

www.cryptopolitan.com 09 November 2021 15:34, UTC
Reading time: ~2 m

  • Filecoin price analysis is bullish today.
  • FIL/USD rallied higher over the last 24 hours.
  • Resistance at $66 broken.

Filecoin price analysis is bullish today as the $66 previous high currently gets broken after a slight rejection this morning. Likely we will see FIL/USD continue heading higher after a strong higher low set last week.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly with bullish momentum over the last 24 hours. Bitcoin gained 3.72 percent, while Ethereum 1.85 percent. Meanwhile, Litecoin (LTC) is the top performer from the major altcoins, with a gain of over 23 percent.

Filecoin price movement in the last 24 hours: Filecoin moves to $66, breaks out after a brief rejection at first

FIL/USD traded in a range of $62.36 – $66.88, indicating strong volatility over the last 24 hours. Trading volume has increased by 67.17 percent and totals $879.8 million, while the total market cap trades around $8.1 billion, ranking the coin in 30th place overall.

FIL/USD 4-hour chart: FIl looks to break above $66

On the 4-hour chart, we can see strong buying pressure at the moment as the $66 resistance can not hold anymore.

FIL/USD 4-hour chart. Source: TradingView

Filecoin price action has seen a steady decline over the past weeks. After peaking at $81 as the last major swing high, more downside followed. 

By the end of October, support at $55 was briefly broken, with a spike to $52. However, a quick recovery followed, leading FIL/USD back towards previous highs around $66.

From there, the Filecoin price action set a strong higher low at $58 after a quick spike lower on the 6th of November. Since then, FIL/USD has steadily advanced back to the $66 mark. After a slight rejection earlier today, bulls finally breached the resistance over the past hours, indicating more upside should follow today.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bullish today as the $66 resistance has been broken after a brief rejection at first. Therefore, FIL/USD will likely continue higher late today and set an even stronger higher high.

While waiting for Filecoin to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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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