Filecoin FIL USDT is currently trading at $5.225 on the hourly timeframe. The coin has been consolidating for the past few hours after dropping from yesterday’s high of $5.57.
On the daily chart, FIL USDT has formed an inside bar pattern indicating indecision in the market. Volume has also dropped off from the past couple of days signaling that buyer and seller momentum may be weakening.
1 Hour Timeframe Analysis of FIL USDT
Fibonacci Retracement Levels
To analyze potential support and resistance levels, I have plotted Fibonacci retracement levels on the most recent swing high and low. The 0.382 level at $5.316 currently acts as minor support.
If this level breaks, the next level of support lies at the 0.5 retracement of $5.36. On the upside, resistance can be found at the 0.618 level of $5.406. Strong resistance may come in between the 0.786 and 0.882 levels between $5.468-$5.506.
This zone matches up with the supply zone identified below and a break above could start to attract more buyers back into the market.
0.382 | 5.316 |
0.50 | 5.360 |
0.618 | 5.406 |
0.786 | 5.468 |
0.882 | 5.506 |
Supply Zone
Analyzing historical supply and demand zones helps identify where sellers may step in to defend certain price levels. The supply zone from $5.546-$5.506 matches up nicely with the Fibonacci resistance levels mentioned above.
If price reaches this area, increased selling pressure can be expected as market participants look to take profit on any long positions. A failure to break above this supply zone could roll the market back over in the near term.
Zone Number | High | Low |
Supply Zone 1 | 5.546 | 5.506 |
Fair Value Gaps / Imbalances
Examining gaps and imbalances on the chart can show areas where price may seek to fill in the future. The bullish fair value gap from $5.506-$5.485 indicates an area of previous support now turned resistance.
This lines up with the supply zone resistance, so if the zone is breached, the market may try to fill this gap which could create further upward momentum. However, closing below the lower bound of this gap at $5.485 signals a potential reversal of the current minor uptrend
Gap Number | High | Low |
Bullish FVG Zone 1 | 5.506 | 5.485 |
Based on the technical analysis, Filecoin FIL USDT appears to be range bound in the near term between support at $5.316 (0.382 fib level) and resistance between $5.468-$5.506 (0.786- 0.882 fib levels/supply zone).
A break above this supply zone combined with the bullish fair value gap from $5.506-$5.485 could provide a launch pad for renewed upwards price action over the next 1-4 hours with targets at $5.60 initially and then $5.70 if momentum persists.
However, failure to break above the supply zone or a move below the 0.382 fib level at $5.316 could see continued consolidation or even a pullback towards the $5.20 level in the short term. Key levels to watch for potential trading opportunities have been defined.
While FIL/USDT is currently rangebound, a break above the supply zone combined with filling the fair value gap opens the doors for potentially continued upside over the near 1-4 hour period. However, failure to break higher from here signals a lack of buying pressure and risk of further choppy sideways trading or even a pullback.
The technical indicators have provided potential trade setups and risk levels to be aware of on this hourly timeframe analysis of Filecoin. Continued monitoring of price action against these structures will be needed to capitalize on potential short term moves.
That covers the technical analysis and potential short term price prediction for Filecoin FIL USDT based on the 1 hour timeframe chart.