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Filecoin Price Analysis: FIL drops 40 percent, set for a swift rebound overnight?

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Filecoin price analysis is bullish today as the market has declined by 40 percent over a couple of hours earlier today and is currently recovering. Therefore, we expect FIL/USD to rally over the next 24 hours and regain some of the loss next.

Filecoin Price Analysis: FIL drops 40 percent, set for a swift rebound overnight? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with a substantial loss over the last 24 hours as a rapid decline was seen across the board over the past hours. The market leader, Bitcoin, is down 9.27 percent, while Ethereum has lost 12.31 percent. Filecoin is among the worst performers, with a loss of 20 percent. 

Filecoin price movement in the last 24 hours: Filecoin briefly drops to $71

FIL/USD traded in a range of $73.10 – $110.69, indicating massive volatility over the last 24 hours. Trading volume has increased by 4.88 percent and totals $3.86 billion, while the total market cap trades around $8.59 billion.

FIL/USD 4-hour chart: FIL recovers above $80

On the 4-hour chart, we can see the Filecoin price action rejecting further upside and starting to advance again after a quick spike to the $71 mark.

Filecoin Price Analysis: FIL drops 40 percent, set to rebound overnight?
FIL/USD 4-hour chart. Source: TradingView

Filecoin price action saw moderate bullish momentum during the end of August after a new higher high was set at $82. After several days of consolidation above $70, FIL/USD advanced and broke past the previous high.

What followed was a substantial advance of more than 40 percent to the $120 mark. From there, Filecoin saw a slight retracement again yesterday. However, some support was initially found at around $105.

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After consolidating around the support overnight, FIL/USD started to decline lower again earlier today. The $100 mark was broken first, with a substantial spike lower to the $71 mark over the following hours.

Bulls picked up the momentum from there and have since pushed FIL back above $80, indicating recovery to follow over the next 24 hours. Overall, the Filecoin price action has retraced 40 percent over the past few days. 

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bullish for the next 24 hours as the market saw a sharp spike lower to the $71 mark, and since then, bulls have regained control. Therefore, we expect FIL/USD to increase over the next 24 hours and regain some of the loss seen over the past hours.

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

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

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

The Filecoin price analysis is presently bullish, anticipating that bears will be exhausted following a powerful rejection for downside yesterday. As a result, a higher low was formed, implying that the FIL/USD pair may move higher; bulls should be able to push prices higher as a result, as the market should approach the psychologically significant $50.00 price point.

The Filecoin marketplace continues its steady climb towards new peaks, although there was a slight dip towards a descending channel resistance, which was met with strong purchasing interest yesterday. This resulted in a bounce from this level to continue an uptrend that has been ongoing since late last week. A new high for the month is yet to be seen as early August, indicating that momentum will remain strong.

The daily chart demonstrates how the Filecoin market is currently testing the $52.00 resistance point, having already achieved a new high for the year at $49.87 earlier this week. Further gains may be possible as price activity above this mark would indicate that bears are exhausted, and bullish momentum remains intact.

On the other hand, it would be unwise to enter a position right now as there is still bearish pressure within the market. $55 should hold for the time being, and it should ideally provide support should any losses occur after long positions have been established. If this level fails, we may see several days of declines on the lower end, possibly retesting the support at $48.

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For now, we should be patient and let buyers and sellers play out their games before we make any bullish or bearish bets for this market. We will look to short-term charts and higher timeframes for more actionable trading opportunities soon.

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

The $55 support level on the 4-hour chart has remained sturdy, suggesting that this will be a significant barrier. The market may now attempt to break past it over the next 24 hours.

Filecoin Price Analysis: FIL/USD is bullish for the next 24 hours 1FIL/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.

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Following a swing high at $70, the FIL/USD pair fell below its previous low and recovered. Despite this, the decline was only brief, as the pair swiftly retraced to form a higher low near $58 before unleashing another strong push toward $69. Filecoin was subsequently driven back up to around $59 by an abrupt reversal of positions.

On the hourly chart, Filecoin is presently trading at $62. The following significant resistance is near $70, with support around $57 and $55. On both timeframes, both price levels are crucial. Price has created a fresh swing high of $67 in the last 24 hours, reaching an intraday high on November 3 at $67.

The next few hours will be crucial for Filecoin, with the market testing swing highs and lows to determine whether it may advance further or if bears will take control. We anticipate bulls to triumph since the MACD is in favor of a rise.

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Filecoin Price Analysis: Conclusion 

Following a stunning sell-off yesterday, the Filecoin price is bullish since bears have run out of steam. As a result, FIL/USD will most likely reverse following today’s retreat.

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Filecoin Price Analysis: FIL still holds above $55, swift reversal to follow?

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

Filecoin price analysis is bullish today as we expect bears to be exhausted after a strong rejection for downside yesterday. Therefore, FIL/USD is likely will start moving higher after a higher low is set.

Filecoin Price Analysis: FIL still holds above $55, swift reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. Bitcoin lost 1.8 percent, while Ethereum 2.91 percent. Meanwhile, Avalanche (AVAX) is the top performer, with a gain of over 13 percent.

Filecoin price movement in the last 24 hours: Filecoin slowly tests downside again, the $55 support still holds

FIL/USD traded in a range of $54.38 – $57.61, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 36.62 percent, totaling $839.37 billion, while the total market cap trades around $6.8 billion, ranking the coin in 28th place overall.

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

On the 4-hour chart, we can see the $55 mark still holding, likely offering enough support to reverse the market higher over the next 24 hours.

Filecoin Price Analysis: FIL still holds above $55, reversal to follow?
FIL/USD 4-hour chart. Source: TradingView

Filecoin price saw a strong advance over the first days of November. After initially reaching $66 at the end of October, a retest of the swing high followed on the 2nd of November.

From there, FIL/USD retraced to set a higher low at $58 before making another strong push higher, this time to the $69 mark. Another sharp reversal followed, leading Filecoin to $59 in a couple of hours.

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After a slight recovery, Filecoin price action consolidated above $61 for several days until more downside followed yesterday. FIL spiked to $52 this time, with a reaction higher to $57 seen the same day.

Since then, FIL/USD has slowly moved lower again, testing the $55 mark, which could reverse Filecoin higher as bears are likely exhausted.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bullish today as bears are exhausted after a sharp rejection for downside yesterday. Therefore, FIL/USD is expected to reverse after the current slow retracement.

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While waiting for Filecoin to move further, read our guides on eToro vs Coinbase, How to mine Filecoin Classic, and Filecoin vs Cardano.

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First-ever Decentralized Wallet for Filecoin Ecosystem: Introducing Fox Wallet

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Fox Wallet releases pioneering endpoint to Web3 for Filecoin miners and FIL holders.

Fox Wallet is an all-in-one solution for cryptocurrency storage and exchange designed for the users of various blockchains. At the same time, its primary focus is to provide the Filecoin (FIL) ecosystem and community with a reliable wallet for digital assets.

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Despite being the only mainstream endpoint to Interplanetary File System (IPFS), Filecoin (FIL) still lacks a user-friendly infrastructure that is able to boost its massive adoption. Developed by a clutch of high-profile blockchain engineers, Fox Wallet attempts to solve this inconvenience.

Fox Wallet is 100% decentralized and noncustodial: it sends the keys of this or that account to the user’s browser and avoids storing it on a centralized platform. Its team adheres to a “one-stop” approach to funds management across different blockchains, so different coins are displayed via a single interface.

At the same time, easy-to-use backup tools will not let crypto newbies lose their key and forget the mnemonics that are necessary to restore the account on a third-party device in case of emergency.

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Besides storage and sending crypto assets, Fox Wallet is tailored for data monitoring. It seamlessly integrates the Filfox Explorer, a browser of the Filecoin ecosystem.

As such, Fox Wallet can track all crucial metrics of Filecoin blockchain, including but not limited to the volume of effective storage of the entire network, rewards per block, output statistics, new computing power pledge cost, gas price dynamics and so on.

End-user apps for smartphones are on the way to marketplaces

That said, Fox Wallet established itself as a viable and convenient solution for Filecoin miners. It allows users to easily manage miners’ information, to search for the miner by this or that piece of data, etc.

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Its toolkit boasts a notification service: it will send an alert to the owner if the balance becomes insufficient or computing power drops. Also, Filecoin (FIL) network participants can send requests for funds withdrawal events or about sector termination.

On Nov. 15, the FoxWallet application will be uploaded to the App Store and Google Play simultaneously. The team is planning to have both apps listed starting from 12:00 a.m. UTC.

To keep its community informed about the product’s progress and the latest updates, the Fox Wallet team launched its official Telegram and Twitter accounts.

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