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- Since the coin price bounced off the demand zone, the price of the FIL coin has been increasing.
- FIL coin price is consolidating close to the supply zone, where it is currently trading.
- The price of the FIL/BTC pair has increased by 1.69% over the previous 24 hours to $0.0002212.
FIL coin price recently bounced off the demand zone while trending upward. The cost of the coin continues to revolve in the supply zone. However, it has formed a bearish rejection candlestick pattern on a daily time horizon. It has established a daily pattern with a symmetrical triangle.
FIL Coin Price Pattern
FIL currency is producing higher-high and higher-low formations on the daily chart. After overcoming all short-term barriers, the coin price is now trading in the supply zone. FIL coin price is currently trading at the upper band of the Bollinger band indicator after recovering from the lower band. In the daily time frame, the price of the FIL coin has broken out above its 14 SMA and 50 MA. It is resting at these moving averages at the moment.
Even though a bullish trend exists, the coin price has not yet crossed above the 100 Moving Average. As a result, the coin price may experience upward rejection before experiencing a sharp decline. Despite the bullish disaster of the previous day, volumes have dropped. Investors should therefore exercise caution and wait for a distinct trend.
The FIL Coin Price is Forming a Symmetrical Triangle Pattern on the Daily Time Frame
As the currency keeps rising, the ADX curve has been rising in a higher time frame. The ADX curve has fallen out of the 35 levels and turned upwards on a daily time frame. As of 4 hours, the coin price is in the short-term demand zone. It is encouraging for the price of coins. Investors want to hold off until a bullish candle formation forms in the demand zone.
Supertrend indicator is negative as the coin price broke the important small-term supply zone on the daily timeframe. Since then, the coin price has failed to give a breakout of the supply zone in a larger time frame. As of now, the coin price is trading at the supertend sell line acting as a strong supply zone.
Conclusion: FIL coin price has been hovering around the supply zone. The technical parameters are indecisive as it transacts neutrally. The price action is also suggesting the same. It remains to be seen if the coin price will break the symmetrical triangle pattern or fail to do so and fall.
Support: $5.0 and $4.8
Resistance: $5.7 and $6.9
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.
