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Filecoin Price Analysis: FIL bears take charge below $86 mark

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Filecoin price analysis is bearish today as the market has returned below the $86 resistance after setting a slightly higher high. Therefore, we expect FIL/USD to see further downside over the next 24 hours and set another higher low.

The cryptocurrency market traded with slight losses over the last 24 hours. Bitcoin saw a decline of 0.52 percent, while Ethereum gained 4.26 percent. Meanwhile, Avalanche (AVAX) is the best performer, with a gain of 21 percent.

Filecoin price movement in the last 24 hours: Filecoin starts to retrace below $86

FIL/USD traded in a range of $82.51 – $90.59, indicating strong volatility over the last 24 hours. Trading volume has increased by 11.27 percent and totals $1.62 billion, while the total market cap trades around $9 billion, ranking the coin in 22nd place overall.

FIL/USD 4-hour chart: FIL looks to set higher low?

On the 4-hour chart, Filecoin price action continues to drop over the past hours as bears look to set a higher low.

filecoin price analysis
FIL/USD 4-hour chart. Source: TradingView

Filecoin price action traded with strong volatility over the past weeks. After a strong rally to the $120 resistance initially, with a gain of 70 percent, further upside could not be reached on the 7th of September.

FIL/USD saw a strong reversal back to the $70-$75 support area over the following 24 hours. From there, FIL rebounded to $94 and went for the second retest of the support area.

On Monday, the Filecoin price spiked below the $75 support again, with an immediate buying pressure appearing. This price action development resulted in a strong move higher yesterday, with a higher local high set at $90. Since then, FIL/USD has retraced and returned below the $86 support.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bearish for today as we have seen selling today, with the market price returning below the $86 support. Therefore, we expect to see further downside for FIL/USD later today, with a higher low set this week.

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