Filecoin price analysis: FIL consolidates with clear bearish pressure at $4.42

The latest assessment of the Filecoin price analysis indicates a bearish trend as the cryptocurrency faces yet another decline. Following a downward trajectory for two days, the price has now dropped to $4.42.

Timeline of Filecoin

Filecoin (FIL) price has come under pressure in the past few weeks as concerns about the platform continues. FIL dropped to a low of $5.26, which is about 44% below the highest point this year.

The recent Filecoin price analysis shows that the asset has been on a bullish impulse as its price surged by 0.59% over the past 24 hours to hit $5.30 at press time. The past few hours have been highly encouraging for the buyers, as the price glided past the $5.20 support level with relative ease.

The latest Filecoin price analysis shows an uptrend in the price action for the FIL/USD pair, with prices rising from around $5.45 all the way up to the $5.66 level. FIL opened its trading session at the $5.64 level before the bears took control pushing the price down to the current level of $5.

The Filecoin price analysis shows a drop in value today, but the bearish momentum is not threatening at the moment. As market selling pressure increased during the morning, the price fell to $5.38.

The Filecoin price analysis shows signs of bearish activity as the bears have returned to the price charts after a bullish trend earlier today. Filecoin has been stuck in a downward trend and appears to be heading for lower levels.

Filecoin price analysis shows a bearish market sentiment since it has been trading on a downtrend pattern since the beginning of the day. The selling pressure has had the upper hand dropping the price from a high of $6.38 to its current value of $6.10.

Filecoin has been on an uptrend in 2023, and the breakout past the $5 and $5.65 levels in January was a crucial development. A look at the daily timeframe showed that the $6.44-$7.25 was a bearish order block on that timeframe,

Protocol revenue, or the total fees generated on the chain increased 5% in Q1 2023 on a quarter-on-quarter basis, while the supply-side revenue going to the storage providers dipped.

Filecoin price analysis is highly bullish today as the buying momentum has continuously grown. The FIL/USD pair is currently trading at $5.73 and is making a strong move toward the next resistance level at $5.78.

The Filecoin price analysis is positive today because there has been a price gain as the price has risen to $5.77. A shift in the ongoing trend was noticed yesterday, and bulls resumed their advance after a downtrend that was seen over the previous week somewhat diminished the coin's worth.