Filecoin Price Analysis: FIL finds support at $80, ready to rally over the weekend?

TL;DR Breakdown

• Filecoin price analysis is bullish for today.
• FIL/USD found support at $80 yesterday.
• Filecoin is ready to rally today.

Filecoin price analysis is bullish for today as the market has set a higher low over the last 24 hours above the $80 mark. Therefore, we expect FIL/USD to rally higher today and look to reach above the $94 previous high next week.

The cryptocurrency market traded in the green over the last 24 hours. Bitcoin saw a slight gain of 0.11 percent, while Ethereum was up by 0.15 percent. Cardano (ADA) continues to dominate, with a gain of 12.19 percent.

Filecoin price movement in the last 24 hours: Filecoin established a higher low at $80

FIL/USD traded in a range of $79.61 – $84.91, indicating mild volatility over the last 24 hours. Trading volume has decreased by 30.76 percent and totals $1.25 billion, while the total market cap trades around $8.68 billion.

FIL/USD 4-hour chart: FIL starts to rally again

On the 4-hour chart, we can see the Filecoin starting to push higher today as bulls have regained momentum.

Filecoin price action traded with a huge range over the past week. After consolidating above the $70 support during the end of July, bulls started to rapidly push FIL/USD higher during the first days of September.

Resistance eventually was found at $120, meaning a gain of 70 percent in a week for Filecoin. However, what followed on the 6th of September was a slight retracement to $105 first, and another drop on the 7th of September back to the $70 support.

Later this week, the Filecoin price action started to recover and moved to $94. From there, another slight retracement was seen yesterday after some consolidation on Thursday. Yesterday, support was found at $80, with some bullish momentum returning earlier today.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bullish for today as a higher low was set yesterday above $80, and consolidation was seen overnight. Therefore, we assume bulls have gathered momentum to push FIL/USD higher again over the weekend.

While waiting for Filecoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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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