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The recent Filecoin price analysis shows that the asset has been on a bullish impulse as its price surged by 0.59% over the past 24 hours to hit $5.30 at press time. The past few hours have been highly encouraging for the buyers, as the price glided past the $5.20 support level with relative ease. Despite facing some resistance at $5.32, the bullish momentum has prevailed and looks set to continue on this positive trajectory. The trend has been continuous for today as well as the bulls are extending their range.
Filecoin price analysis 24-hour chart: Bullish impulse remains in play
The 24-hour chart for Filecoin price analysis shows that the digital asset is currently exhibiting a bullish trend with the price hovering below the $5.32 level, with some resistance up ahead. The price movement has been mostly stable for the past few hours with a few spikes here and there. The market cap for FIL stands at $2.23 billion showing an increase of 0.65% with a 24-hour trading volume of $101 million.
The Relative Strength Index (RSI) reading has been trending in the negative zone at the 42 mark and is currently moving in an ascending trajectory as buyers are dominating the market trend at present. The Moving Average Convergence/Divergence (MACD) indicator is turning back to the positive region with the MACD line crossing over the signal line, signaling increased buying pressure. Furthermore, the Bollinger bands structure has started to widen, with the lower band at $6.44 and the upper band close to4.84. This signals increasing market volatility in the coming trading sessions.
Filecoin price analysis hourly chart: FIL/USD pair aims resistance at $5.31
The Filecoin price analysis hourly chart shows that the asset is been trading in a bullish momentum with the buyers pushing past resistance levels and aiming higher. The buyers are currently dominating as they look to break into the resistance level of $5.32 and continue their uptrend further up north.
The technical indicators in this timeframe are also largely in the favor of buyers. The RSI is aiming for the 50 level and is exhibiting a positive sentiment with the indicator sloping upwards with a value of 42.63. The MACD line as well has changed direction and is now moving toward the signal line, signaling increased buying pressure. The Bollinger bands are increasing in size, showing an increase in volatility for the coming hours.
Filecoin price analysis conclusion
In conclusion, the Filecoin price analysis looks positive for now as buyers have taken control of the trend and are pushing toward the resistance level. The bullish impulse, coupled with a positive technical outlook and increasing market volatility could indicate that further gains may be expected in the coming hours. Furthermore, if the buyers manage to break above the $5.32 level then we can expect the FIL/USD pair to continue its upward trajectory. However, should the bulls fail to breach this level we can expect a possible pull in the price.