After the 9% Pop, Will the Bullish Wave for Filecoin (FIL) Gain Momentum?

• Filecoin has gained 9% and is trading at $0.99.
• Trading volume of $FIL has surged by over 28%.

Both red and green charts are found in the crypto market, with heightened risk aversion. The assets like Bitcoin (BTC) and Ethereum (ETH) are potentially trying to escape the bearish hold. Turning attention toward the pack of altcoins, Filecoin ($FIL) has posted a 9.88% surge in value.

In the morning hours, the price was trading at a low of $0.9008. The bullish turn in the $FIL market took the price pattern upward to a high of $1.02. If the rally-building force sustains, the price action could revisit its former high levels. Currently, Filecoin traded at $0.9970, with the trading volume having surged by over 28.94% to $102.89 million.

If the bullish price pattern of Filecoin strengthens, the price might mount toward the resistance range above $1. An extended upside path likely triggers the emergence of the golden cross and pushes the price even higher. Assuming the bears take control, the Filecoin could slip to the immediate support at around $0.98. With a steady correction on the downside, the death cross might unfold, and the asset’s price would fall deeply.

Can Filecoin Sustain Its Growing Momentum?

The $FIL/USDT trading pair’s Moving Average Convergence Divergence (MACD) line is positioned above the zero line, exhibiting the overall uptrend. The signal line remaining below zero indicates that the short-term momentum is lagging behind the broader trend.

Besides, the Chaikin Money Flow (CMF) indicator value 0.13 displays moderate buying pressure in the Filecoin market. The positive value shows a steady flow of money into the asset, at a healthy pace, with the accumulation outweighing the distribution.

Filecoin’s active market sentiment is strongly bullish as the daily Relative Strength Index (RSI) is at 66.35. The buyers are firmly in control, and they may be approaching the overbought territory. Also, the bullish strength is building. Moreover, the Bull Bear Power (BBP) reading of $FIL at 0.081 indicates moderate bullish dominance. Since it is clearly above zero, the buyers are maintaining control, and the momentum is not extremely strong, but could gain.