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- 1 FIL price showcased a trend reversal and is riding the bullish charge.
- 2 Buyers have gained traction and are continuing to extend the upside.
FIL price reveals bullishness, persists in lifting gains and stays close to neutrality. Moreover, the price action is favoring the bulls and indicates that the Filecoin price is facing rejection from the upper neckline of $5.80 and forms an inverted hammer candlestick in yesterday’s session. Furthermore, the technicals display the follow-on buying action, and higher high swings were witnessed on the charts.
FIL price is trading above the key moving averages and showing bullishness in the recent sessions. However, the rising wedge pattern depicted on the charts suggests that if the FIL price fails to hold the support zone of $5, it will crack the downside mark of $4.50 and slip toward $4. If buying momentum continues, FIL price may retest the immediate hurdle of $6 and will sail toward $7 in the following sessions.
The live price of FIL crypto is $5.53, with an intraday gain of 2.67%, showing neutrality on the chart. Moreover, the trading volume increased by 11.17% to $343.27 Million. However, the pair of FIL/BTC is at 0.000127 BTC, and the market cap is $2.68 Billion. Analysts have maintained a neutral rating, suggesting the volatility will continue in the following sessions.
FIL on Daily Chart Forms Rising Wedge Pattern
On the daily charts, FIL price showed a trend reversal and recovered from the bottom zone of $3 in recent weeks. Furthermore, the chart displays the range breakout and a golden crossover, which bulls celebrate and lead an up move. Additionally, FIL price is approaching the bullish trajectory swing above $6, which is the make-or-break zone and a challenge for the bulls to surpass.
The relative strength index (RSI) curve stayed in the buying zone near 60, showing a negative divergence that replicates volatility on the charts. The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting a positive outlook for the upcoming sessions.
Weekly Charts Displays Double Bottom Formation
On the weekly chart, the FIL price shows a double bottom pattern and a reversal in the recent sessions. Furthermore, the FIL price is close to the 50-day EMA, which is acting as a barrier, and investors are waiting for an upmove. Per the Fib levels, the FIL price is above the 38.2% zone and is close to the 50% zone ahead of the middle bollinger band.
Summary
FIL price showcased buying traction and is trading above the significant moving averages, depicting bullish momentum on the charts. Moreover, the buyers are looking aggressive and are setting their eyes on the upside to crack the swing barrier of $6 to gain further upside. The RSI and MACD are also highlighting bullishness.
Technical Levels
Support Levels: $5 and $3.70
Resistance Levels: $6 and $7.80
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.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.