Filecoin (FIL) Price Must Clear This Key Level to Resume Uptrend

2023-3-14 16:00

The Filecoin (FIL) price could soon break out from a crucial resistance level, accelerating the rate of increase in the process.

FIL is the native token of the Filecoin network, which offers decentralized storage services. The FIL price has decreased below a long-term descending resistance line since March 2021, when it had reached an all-time high of $237.73. The downward movement led to a low of $2.37 in December 2022. Afterward, the price began a bullish reversal that is still ongoing. 

While the FIL price was rejected by the resistance line (red icon), it still trades above the $5.55 horizontal support area. Whether it breaks out from the resistance line or falls below the support area could determine the future trend’s direction. A breakout could lead to an increase toward $25 while a breakdown would likely lead to a fall toward $2.

The weekly RSI is bullish, since it has generated bullish divergence and is nearly above 50. As a result, a breakout from the descending resistance line is more likely. 

FIL/USDT Daily Chart. Source: TradingView Filecoin (FIL) Price Resumes Bounce

The technical analysis from the daily time frame is leaning bullish but does not confirm the bullish reversal yet. The price completed a five-wave upward movement on Feb. 17 and began to decrease afterward. It bounced on March 11 (green icon) and created a bullish engulfing candlestick the next day.

The bounce validated the $5.11 horizontal area as support. The area coincides with the 0.618 Fib retracement support level. The trend can be considered bullish as long as the price is trading above it. However, the daily RSI is not above 50 yet. Therefore, a breakdown below $5.11 could trigger a sharp fall toward $3.

FIL/USDT Daily Chart. Source: TradingView

The six-hour chart shows that the Filecoin price broke out from a descending parallel channel. Since such channels usually contain corrections, the breakout could mark the beginning of a new upward movement. The main resistance area is at $7.10, created by a horizontal level and the 0.5 Fib retracement resistance. Since a breakout from it would also mean that the FIL price broke out from the long-term descending resistance line, it would confirm that the long-term trend is bullish.

FIL/USDT Six-Hour Chart. Source: TradingView

To conclude, the most likely FIL price forecast is a breakout above the long- and short-term resistance near $7.10. If this occurs, it could accelerate the rate of increase toward $25. On the other hand, another rejection could lead to a drop toward $3.

For BeInCrypto’s latest crypto market analysis, click here.

The post Filecoin (FIL) Price Must Clear This Key Level to Resume Uptrend appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price filecoin fil uptrend level resume key

price filecoin → Результатов: 113


Фото:

Filecoin price analysis: FIL retraces after briefly passing $70

Filecoin had a great day as its FIL token gained over 25% on the day. What is the reason for this price spike, and should you consider buying some FIL now? Fundamental analysis: a series of fundamental factors bring positive sentiment to Filecoin Filecoin is a decentralized storage platform that aims to store information that […] The post Filecoin price analysis: FIL retraces after briefly passing $70 appeared first on Invezz.

2021-3-17 11:47


Фото:

Forum Topics on First HashCon 2020 & New Infrastructure Mining Summit in China’s Chengdu Revealed

Bitcoin finally broke the resistance zone of $12,000, ETH transaction fees are also skyrocketing with the price of moving tokens around on the Ethereum blockchain continuing to balloon, China’s Sichuan has encouraged blockchain companies to help consume excessive hydroelectricity in the rainy season, Filecoin mining is in full swing now…… The excitement of making aRead MoreRead More.

2020-8-19 20:21