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The FIL price shows a bullish breakout of a resistance trendline resulting in a jump to $7. Will this uptrend sustain to reach the $9 mark?
Key Technical Points:
- The FIL prices jumped by 17.72% in the last 24 hours.
- The price action of the trendline breakout rally is ready to reach the $7 mark.
- The 24-hour trading volume of Filecoin is $529 million, indicating a hike of 54%.
Past Performance of FIL
As mentioned in our previous analysis, the FIL price action breaks the long-coming resistance trend line as the overall market conditions improve after reversing from the $5 mark. With the morning star pattern at the $5 mark, the bullish reversal breaks the resistance trendline and the 50-day average line to reach the $7 mark. The bullish reversal accounts for a price jump of 36% in the last week and forms a substantial bullish engulfing candle with the 18% today. 
Source - Tradingview
FIL Technical Analysis
The bullish trend momentum increases with the breakout rally reaching the $7 mark. Moreover, the increase in intraday trading volume supports the bullish breakout rally. Thus, increasing the likelihood of an uptrend continuation above $7. The bull run exceeds the 50-day average line and approaches the 100-day SMA as the next uptrend target at $8. The phenomenal increase in market value displays an increase in the underlying bullishness. It is evident by the reversal in the daily RSI slope reaching the 70% boundary. The MACD indicator supports the bullish team as buying pressure increases, evident by the new bull cycle in the MACD histograms. Moreover, the fast and slow lines avoid a bearish crossover after the recent mojo and prepare the cross above the zero line. In a nutshell, the FIL technical analysis displays a stronger bullish side as the trapped underlying bullishness breaks out of the resistance trendline.
Upcoming Trend
If the FIL prices manage to close the daily candle above the $7 mark, the uptrend continuation will likely reach the $9 mark. Conversely, if the daily candle fails to close above the $7 mark, a retracement will likely retest the 50-day SMA. Resistance Levels: $7.33 and $9.15 Support Levels: $6 and $5