NewsletterFilecoin Price Prediction: FIL Tumbled 30% Amid Market Correction; Is This Dip Worth Buying?
Filecoin Price Prediction: Amid the February fourth-week correction, the Filecoin price lost 31% from the $9.45 peak and plunged to a local support of $6.5-$6.26. The daily candles showcasing lower price rejection and the confluence of 20-and-200-day EMA at the aforementioned support indicates a strong area of interest from where buyers may resume a bullish recovery.
Key Points:
- The formation of a rounding bottom pattern may set market sentiment for a gradual uptrend
- The dynamics resistance of 100-day EMA has flipped into suitable support.
- The intraday trading volume in Filecoin is $437.5 Million, indicating a 76% gain
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Source- Tradingview
The last seven months’ price action in Filecoin price shows the formation of a rounding bottom pattern. In response to this bullish pattern and the January-February recovery in the crypto market, the FIL price rose significantly and created a local top at $9.45 before reverting lower.
The recent correction has plunged the altcoin to $6.5 support to replenish bullish momentum. The price retested this support for the last five days showcasing lower price rejections in the daily time frame chart. The long tail attached to these candles indicates the buyers are accumulating at this pullback.
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Today, the Filecoin price rebounded $6.5 support with an intraday gain of 7.25%. With sustained buying the altcoin may try to surpass the $7.75 immediate resistance, offering an additional confirmation for uptrend continuation.
Thus, under the influence of a rounding bottom pattern, the FILM price is likely to carry a recovery to $11.4.
Technical Indicator
EMAs: the ongoing correction retested the 200-day EMA slope as potential support. Moreover, the FIL sustainability above this trend-defining EMA is an important clue for a bullish rally.
RSI: The daily RSI slope managed to sustain above the midline during market correction projecting the market sentiment remain bullish
Filecoin Coin Price Intraday Levels-
- Spot rate: $7
- Trend: Bullish
- Volatility: Medium
- Resistance level- $7.75 and $9.5
- Support level- $6.5 and $4.8
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