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- FIL crypto price is struggling to sustain above 50 day EMA which may decide the direction of the short term trend.
- Filecoin bulls had succeeded to defend the $3.000 support level and prices had recovered 35% approx from the recent lows.
Filecoin crypto prices are trading with mild bearish cues and bears are trying to drag the prices below the 50 day EMA. As per coinglass, In the last 12 hours FIL Long and Short ratio stands at 0.9 which is also favoring the bears but price action indicates divergence in the direction. As of now, The pair of FIL/USDT is trading at $3.751 with the intraday loss of 0.61% and 24 hour volume to market ratio stood at 0.2187
Will FILECOIN be able to reclaim $5.00 soon ?
On a daily time frame, FIL crypto price is in a downtrend and slipping down while forming lower low swings. In November FIL prices found stability and consolidated in the narrow range between $4.00 to $4.60 with a bearish bias and later in the mid of December bear took the control over prices and succeeded to break the lower range support but surprisingly prices did not saw a follow through and slowly and steadily prices are reversing in the upward direction which might be a indication of short term bottom creation.
In the previous session FIL coin is up by 10% and formed a strong bullish candle with more than an average volume showing the presence of buyers at lower levels and it seems like the prices will reclaim its previous consolidation zone in the coming week and the short term trend will reverse in the favor of bulls.
The 50 day EMA (yellow) is acting as a hurdle for bulls and if prices hold above the 50 day EMA we may see further upside momentum towards $5.00 in a short span of time. However, $5.00 will act as a strong resistance for FIL lovers and it will be not easy for bulls to dominate on higher levels. On the lower side $3.00 and $2.693 will act as a savior for bulls and if prices drop below $2.693 bears may try to drag the prices towards $2.000 level. The MACD has generated positive crossover indicating bullishness may continue in coming weeks and the RSI 60 denotes more room for upward movement is open.
Summary
Filecoin crypto prices are in recovery mode and buyers are trying to keep the prices above the 50 day EMA to show the presence of genuine buyers at lower levels. As per technical analysis, the current prices look attractive and prices are likely to continue its upward momentum. Therefore, aggressive traders might look for buying opportunities for the target of $5.00 and above by keeping $3.00 as SL. However, if prices slipped below $2.693 the trend reversal will become doubtful and all the long positions must be exited.
Technical levels
Resistance levels : $4.695 and $6.496
Support levels : $3.000 and $2.500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
