- FIL escalated from a low of $61.29 to a high of $93.28 within Thursday’s intraday session
- The FIL/BTC pair is trailing at 0.002226 with a gain of 23.88% at press time.
- Filecoin Network crosses Baseline Sustainability Target for the first time
The daily chart of FIL dictated a bearish trend for the token long before BTC’s vulnerability on Wednesday. The digital asset was exposed to the wrath of bears from the moment it broke out towards the downside from the ascending triangle pattern.
FIL is currently trading at a low of 62% from its ATH of $236 which was established on April 1st of this year. The asset then continued to sink while maintaining a lethargic momentum. The bearish breakout from the ascending triangle pattern invalided the anticipation of a massive bull flag.
The price action of FIL is now wrapped inside a bearish continuation pattern called the descending parallel channel. In accordance with pivot points, a break above the resistance of $169 would accommodate the price action to escape from the channel and revisit its ATH.
At present, FIL is perfectly compressed between the 100 EMA(green) and 200 EMA(white), whereas the 200 EMA was disclosed as a major support level in yesterday’s massive selloff. The strong selling pressure has led the weekly chart to form three black crows. This particular pattern usually announces an upcoming price reversal which justifies the fact that recovery is imminent.
The 4-hour chart of FIL suggesting a bounce bank from FIB 0.236
The 4-hour chart of FIL forecasts a minor pullback for FIL, as evidenced by the red candlestick disrupting today’s uptrend. FIL has successfully tackled the $77 (FIB 0.236) and is currently aiming for a rebound from that particular level.
However, a decisive close below this range could expose FIL to retest the $48 level. In that case, the price action would reveal a potential double bottom pattern, making the momentum healthier.
The CVIX of FIL is flashing 72, which means that traders must be prepared for colossal price fluctuations.
The MACD (bullish) has recently transpired a bullish crossover confirmed by the accelerating histogram at press time.
The RSI (bullish) on the daily chart exhibits signs of reversal and is gradually heading towards the equilibrium range.
FIL took to Twitter to publicize that the Network Baseline for Filecoin has crossed the Baseline target for the first time
Filecoin has gone through a place shift by crossing its Network Baseline, and now block rewards that can be used for building capacity are now being distributed at full speed.
Filecoin later added that by implementing such activities, they would build a sustainable transition to the stage where their network has a strong reputation and a suite of projects over a wide range of diverse markets.
SUPPORT : $48, $77
RESISTANCE: $145, $183
|Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.|
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.