thecoinrepublic.com
- 1 Filecoin price lapped up gains, making a sharp comeback from the lows.
- 2 Buyers reclaimed the gains and are looking to extend the rally.
Filecoin (FIL) price witnessed a range breakout and endured in extending the rise, beating the major hurdle of $5.00. Furthermore, the coin has escaped the significant moving averages, highlighting the buying interest over the past few weeks. However, the FIL price is overbought and requires a slick & amiable move to bypass hurdles. Moreover, the FIL enclosed its correction and gave a fresh reversal call from the demand zone of $3.00. After that, Filecoin jumped over 70% and is continuing to reclaim the gains.
Amid the weak crypto market, FIL was not affected much and was reasonably stable compared to competitors. That’s why Filecoin is a top pick for investors. The price action shows that FIL surpassed the supply zone of $5.00. In the upcoming sessions, FIL will persist in soaring in the blue skyzone above $7.00.
Filecoin price was $5.148 at press time, with an intraday gain of 3.66%, highlighting bullishness. Moreover, the trading volume increased by 10.56% to $346.20 Million, and the pair of FIL/BTC is at 0.000138 BTC. However, the market cap rose to $2.42 Billion. Additionally, analysts have revised the rating from neutral to buy and raised the target price to $7.10.
Will Filecoin Continue Rallying Above $5.00 Mark?
On the daily charts, the Filecoin price has surpassed the foremost hurdle of $5.00 and delivered signs of bull dominance after a couple of days. Furthermore, the trend flipped, and buyers rescued fresh momentum and tangled sellers.
The price escaped the 50% Fibonacci retracement zone. Per the technicals, the FIL price will continue to accelerate and may reach the trajectory mid-zone of $7.00 soon. Additionally, the correction has ended, and a short covering move was witnessed on the charts, which signals that buyers have gripped the region and are keen to climb the ridge.
The RSI curve is on the top in the overbought zone near 75, signaling a positive divergence. The MACD indicator showed a bullish crossover and formed green bars on the histogram.
Summary
Filecoin price gave a precise breakout and surpassed the critical hurdle of $5.00, delivering a trend reversal on the charts. Additionally, the FIL is now ready to retain the highs and is forming higher highs, which led to the short covering move. Buyers might be warming up for a take-off.
Technical Levels
Support Levels: $5.00 and $4.75
Resistance Levels: $5.30 and $5.60
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts round the clock, and is a strong advocate for women in STEM.