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- Filecoin delivered extreme bullish momentum in previous sessions.
- Bulls flexed their muscles and sustained above the 200 days EMA.
Filecoin is ready to strike its next target – $10. The delivery volume in recent sessions increased by 50% which shows the buyer’s long buildup. The bears are trapped and the bulls are surmounting hurdles. FIL acquired momentum after crossing the 200 days EMA placed near $6.60.
At the time of writing, Filecoin is trading at $8.74 with an intraday gain of 3.20%. Also, the pair of FIL/BTC is at $0.0003626 with a giant increment of 7%.
For the past few months, Filecoin traded in a thin narrow range and did not show any decisive moves. Bulls struggled to break the range but succeeded eventually. In fact, the size of the green candles in the past 3 trading sessions shows that bulls are ready to scratch the previous highs.
Daily charts shows Bulls consolidating movement
The daily chart shows Filecoin trading in a strong uptrend, and further delights may be seen in upcoming sessions. Moreover, the price is trading above the significant moving averages and mirrors a strong intent to achieve the subsequent mark. After breaking the symmetrical triangle pattern, the buyers pick momentum, leading to price rallies.
Filecoin Virtual Machine (FVM) will be launched in the upcoming months, which may lift the coin price. The coin grew by 40% in the last 7-days market session. The coin has been corrected in the past months, favouring the bulls.
As per Fib levels, FIL price hit 78.6% at a price of $9.44 and is now retraced. However, if the price pulls back and bounces from 61.8% at $8.00, the coin could touch the $10 and $11 levels. The coin slowed down but did not lose its gains, indicating that buyers are involved.
Short term charts shows uptrend continuation
On the 4-hour chart, Filecoin busted the consolidation range with a huge spike in the delivery volume. Despite the broader market trend of bearishness Filecoin neglecting the sentiments persists in the uptrend and rewards its investors. If the price holds above $8, then bulls will head to tests upside trajectory till $12 in the upcoming sessions.
Traditional indicators over Filecoin
RSI( Bullish): The RSI curve is helming near the overbought zone at 75, indicating strength in the last sessions. A small retracement may be seen in near sessions according to the curve positioning.
MACD (Bullish): The MACD plots green bars on the histogram, and a bullish crossover is noted in recent sessions. The MA line is far away than the signal line indicating the muscle of bulls.
Technical Levels
Support Levels:$7.70 and $6.50
Resistance levels:$10 and $13
Conclusion
Filecoin is in bullish territory and has formed higher highs in the last few sessions. The coin’s next swing could cross the $10 level. The demand for the coin according to the chart with recent volume additions, is indicating strong buyer interest.
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
