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- 1 The Filecoin price witnessed a comeback and replicated accumulation.
- 2 Fib levels, along with other indicators, suggest a rally to $15 soon.
The Filecoin (FIL) price delivered a reversal, and a massive upward rally was noted in the past sessions. The Bulls have attained strength and escaped the primary hurdle of $10 this week. FIL coin’s price action reveals the follow-on buying momentum and witnessed three white soldiers formation, leading to a surge of over 100% in the last three weeks.
Filecoin price has escaped the key moving averages and persisted in forming the higher high swings for the past weeks. The coin has retained the neutral region and gained traction, signifying the buyer accumulation. Following the crypto market surge, the coin has replicated a sharp recovery from the support zone of $4 and reverted the gains.
The Filecoin (FIL) price was $10.28 at press time, with an intraday gain of 0.22%, showing neutrality on the charts. Moreover, the trading volume has increased by 12.78% to $983.70 Million. The Filecoin price has a weekly return ratio of 26.46% and 103.78% on a monthly basis. The pair of FIL/BTC is at 0.000154 BTC, and the market cap is $5.33 Billion. Analysts are bullish and suggest that the FIL coin might continue to extend the gains and will surpass $15 soon.
The Filecoin Price Displays Rounding Bottom Breakout, Can FIL Reach $15?
Since the start of this month, Filecoin price has glimpsed bullish sentiments and is heading straight toward the $15 mark. As per the data from Coinglass, the open interest sharply increased by 4% to $429.90 Million, which signifies the investor interest and long addition. Furthermore, the trend is intact, and the coin may continue to deliver the surge in the upcoming sessions.
Recently, FIL coin signified a rebound and crossed the neckline hurdle of $9, which led to a breakout. Afterward, the short covering triggered, and an upward rally was witnessed. The Relative Strength Index (RSI) curve lifts to the overbought zone and replicates a positive divergence on the charts. Similarly, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover and indicates the bulls’ dominance.
Filecoin Glimpses Rebound, Can It Retest the 100-day EMA Mark?
The Filecoin (FIL) price showcased a double bottom formation and moved out of the range above the horizontal neckline of $10. Bulls must sustain the FIL price above the make-or-break region of $10 to advance toward $20 in the following sessions. Per the Fib retracement levels, the coin has escaped the 38.2% zone and is heading to the 50% level.
Summary
The Filecoin price has surpassed the significant hurdle of $10 and is replicating the bullish outlook on the charts. Furthermore, the trend is intact, and bulls may continue to shine the upward rally toward $20 soon.
Technical Levels
Support Levels: $9 and $8.60
Resistance Levels:$10.60 and $11
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.
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 around the clock, and is a strong advocate for women in STEM.