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The Filecoin (FIL) price has been under a winning streak over the past six days and has reached its current price at $10.3. This rapid rally bolstered buyers in escaping a seven-week consolidation phase below the $6.3 resistance. Moreover, the accelerated bullish momentum has recently breached $9.3 resistance which foretells the bulls the preparing for another leg-up.
Key points:
- The FIL price shows a perpendicular growth in the daily time frame chart
- The daily-RSI slope spiked into the overbought region.
- The intraday trading volume in Filecoin is $999 Billion, indicating a 128% gain.
Source- Tradingview
FIL buyers at the psychological mark of $5 cushioned the downtrend with a consolidation range formation with the overhead resistance at $6.29. As a result, the bullish trend momentum remained trapped within the consolidation range for more than a month leading to a lateral shift in the 20-day EMA.
However, with the recent improvement in the overall market conditions after the interest rate hike, the FIL prices break above the consolidation range with a boost in demand.
The recent bull run accounts for the 96% price jump in the last six days; that breaches above the 50 and 100 days EMA. Furthermore, the bullish support is pretty evident with the spikes in intraday trading volume representing an increase in buyers’ confidence.
Currently, the market price exceeds the psychological mark of $10, which increases the bullish influence over the EMAs. Hence we can shortly see a bullish crossover of the 20-and-50-day EMA.
If the buying pressure sustains, the daily candle will close above the breached resistance of $9.3. In such a case, the bull run might reach the overhead resistance of $13.
However, such hasty growth is considered unhealthy and is usually followed by a considerable correction to stabilize the price. Therefore, a possible retracement could retest the $9.3 to $8 mark, providing a better entry opportunity for potential buyers.
Technical indicator
DMI– The bullish crossover in the DI lines followed by a bullish turnaround in the ADX line, the technical indicator reflects a bullish trend gaining momentum.
RSI– In response to the sudden price jump, the daily-RSI slope surged into the overbought territory. Thus, new buyers at the current price are at risk of possible retracement.
- Resistance levels- $11, and $13
- Support levels- $9.3 and $7.5
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