TL;DR Breakdown

• FIL rejects further downside at $55.
• Closest resistance at $95.
• The market price currently trades around $75.

Today’s Filecoin price prediction is bullish as a further downside was rejected over the past hours.  Since FIL/USD has retraced by more than 75 percent, we expect that the several-day bearish momentum is exhausted. Therefore, Filecoin should move to retest the $95 previous support as a resistance.

The crypto market still trades in the red over the last 24 hours, despite some recovery in the afternoon. Bitcoin trades below $40,000 with a loss of 9 percent, while Ethereum at $2,816, with a loss of 17.3 percent. Filecoin has seen a similar performance with a loss of 24 percent.

FIL/USD opened at $100 today after a consolidation yesterday. Overnight, FIL/USD started to move lower until support was found around $55. Since then, bulls have taken over and pushed the market price above $75. 

Filecoin price movement in the last 24 hours

The FIL/USD price moved in a range of $55.12 – $102.65, indicating an extreme amount of volatility. Trading volume has spiked by 118 percent and totals $2.7 billion over the last 24 hours. The total market cap trades around $5.5 billion, ranking the cryptocurrency 26th place overall. 

FIL/USD 4-hour chart – FIL moves back above the $75 mark

On the 4-hour chart, we can see the market rejecting further downside above the $55 mark.

The overall Filecoin price structure is extremely bearish right now as a drop of almost 70 percent was seen over the past days. This, however, also means that bears are likely exhausted, and there is not much room left to move lower. Therefore, considering the previous upswing of around 1000 percent, we could expect the next major upswing to be prepared over the next weeks.

However, FIL/USD right now trades with huge volatility over the last 24 hours. This means that we might see a quick retest to the $95 previous support over the next 24 hours. From there, the Filecoin price action could reverse again and move lower once again.

Until a strong higher low is set, FIL/USD market structure remains bearish over the next few days. Therefore, it is best to stay on the sidelines for now and wait for further price action development.

Filecoin Price Prediction: Conclusion 

Filecoin price prediction is bullish as the market has retraced by almost 70 percent since the previous high at $165, indicating exhaustion. After finding support at $55, FIL/USD moved higher over the last hours and returned above the $75 mark. Therefore, we expect Filecoin to move higher over the next 24 hours to regain some of the loss seen over the past 24 hours.

While waiting for further Filecoin price action development, read our latest guides on Ethereum and Litecoin, as well as Ethereum mining pools.

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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Source: https://www.cryptopolitan.com/filecoin-price-analysis-2021-05-19/