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Filecoin Price Analysis: FIL/USD is bullish for the next 24 hours

www.cryptopolitan.com 21 November 2021 21:26, UTC
Reading time: ~3 m

  • Filecoin price analysis is bullish today.
  • FIL/USD saw bearish momentum return overnight.
  • $55 support tested again.

The Filecoin price analysis is presently bullish as we anticipate that bears will be exhausted following a powerful rejection for downside yesterday. As a result, a higher low was formed; therefore, FIL/USD is anticipated to gain traction, and bulls should be able to push prices higher.

Analysis of the market indicates that Filecoin price action is bullish. As evident from the three-day FIL/USD chart below, prices have recently found support at a long-term downside 1.414 Fibonacci Extension level priced around $54.21. It is expected that this area will continue to provide ample support moving forward as it has previously been put to use on a number of occasions throughout August 2018. If the expected support level holds firm, we can expect the market to make a run for resistance at a short-term 1.272 Fibonacci Extension level (marked in red) priced at $66.91, which lies within proximity to another significant daily decision-point level at $68.50.

On the other hand, if prices break below the long-term support level at $54.21, we can expect immediate further support beneath to be located at the downside 1.618 Fibonacci Extension level priced at $51.67 during September 2018. Further support beneath this can be expected at the August 2018 low price around $49, followed closely by even more significant previous monthly lows around $46. The RSI technical indicator within the same three-day FIL/USD chart has recently broken above 50, indicating that bulls are back in control of the momentum. If the RSI can maintain itself above 50, we can expect Price action to continue upwards and attempt to break resistance at $66.91.

Hourly MACD â Short Term (The hourly MACD for FIL/USD is strongly bullish on the three-hour time frame, with price action about to test resistance at $66.91.)

FIL/USD 4-hour chart: FIL ready to reverse?

The $55 support level on the 4-hour chart has held firm, indicating that this will be a strong barrier. The next 24 hours will show if the market can push back up against it.

FIL/USD 4-hour chart. Source: TradingView

The Filecoin price appreciated significantly on November 1. On November 2, a retest of the swing high took place after peaking at $66 on October 31.

Following a swing high at $70, FIL/USD declined below its prior low, but it has since recovered. Despite this, the pair’s fall was only brief, as it immediately retraced to form a higher low near $58 before launching another powerful push toward the $69 level. A swiftly reversed position put Filecoin back around $59.

Filecoin is currently supported at $62 on the hourly chart. The following key resistance is positioned below $70, while support is found near $57 and $55. Both price levels are significant on both time-frames. Price action has formed another new swing high at $67 over the past 24 hours, with the market hitting an intraday high on November 3 at $67.

The next few hours will be necessary for Filecoin as the market tests the swing highs and lows to decide whether it can push higher or if bears will regain control. The MACD is bullish and supporting a move higher, so we expect bulls to win out.

Filecoin Price Analysis: Conclusion 

The Filecoin price is currently bullish since bears had run out of steam after a spectacular sell-off yesterday. As a consequence, following the present retrenchment, FIL/USD will most likely reverse.

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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