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Filecoin price analysis: FIL/USD retests the $8.22 resistance after yesterday's bearish engulfing


www.cryptopolitan.com 19 May 2022 23:13, UTC
Reading time: ~3 m

TL;DR Breakdown

  • The Filecoin price analysis is bullish today.
  • Filecoin has market found strong support at the $6.45 mark.
  • It is struggling to break past the $8.22 resistance level.
  • The market is bouncing back and forth between a range.
  • Not a good time to make an entry due to the indecisiveness in the market.

Based on today’s Filecoin price analysis, the market has been on a downtrend lately. However, today marks a bullish day for Filecoin. The price has recovered slightly after falling to $7.5 and setting new support at this point. From here, the market can make a bullish reversal as it is retesting the previous resistance at the $8.88 mark.

Cryptocurrency heat map by Coin360

At large, the cryptocurrency market has bullish sentiments today as Bitcoin has marked a 4.26 percent increase. Similarly, Ethereum has also increased by 2.87 percent after staying bearish for a few days.

Filecoin Price Chart by TradingView

The 1-Day Filecoin price analysis gives us a clearer picture of the downtrend. We can see a series of lower lows and lower highs. However, the market found strong support at the $6.45 mark, which prompted the bulls to take some control. The price has recovered slightly after the bearish engulfing from yesterday and is getting closer to the value of the moving average over the last 9 intervals.

24-hours Filecoin price analysis

Filecoin Price Chart by TradingView

The market has been decently volatile in the last 24 hours. After closing at $7.61, the market reached a daily high of $8.227, thereby setting a new level of resistance. This was followed by a bearish reversal, and the market now seems to be struggling to push higher. Currently, the price is lower than the moving average line. However, a bullish reversal is possible if the price in any given interval closes above the moving average value in any given hourly interval over the next few hours.

Currently, Filecoin has a market cap of $1,631,360,079, marking an increase of 3.23% percent. The trading volume has also gone up by 19.13 percent. This leaves Filecoin at a market rank of #38.

Filecoin price analysis 4-hour chart: Can Filecoin break past $8.22 resistance?

Filecoin Price Chart by TradingView

Filecoin made a swing high today around the $8.22 mark based on our 4-hour Filecoin price analysis, thereby setting a new resistance level. It recently just retested the resistance and plunged down further as the bears took control. Currently, the market seems rather indecisive as the price bounces back and forth between the recently set resistance and support levels.

In the next interval, Filecoin might break past or plunge further down this range. The market sentiment today is slightly bullish. So, there is a good chance for Filecoin price to increase and set a new resistance level in the next few intervals.

Conclusion

In the bigger picture, Filecoin price analysis reflects a bullish sentiment since the market has made some recovery after yesterday’s bearish engulfing. However, in the smaller intervals, a significant amount of volatility can be observed. It looks like both the bears and the bulls in the market are strongly competing against each other.

Over the larger intervals, the price bounces back and forth between a range of resistance and support levels. So, the next few hours will be critical for determining the market’s course. Overall, now is not a good time for day traders to make an entry.

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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