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- FIL price is facing critical resistance from the 200-day EMA.
- FIL’s price is currently trading at $6.304 while seeing a change of 3.55% in 24-hour trading volume.
According to its price action, FIL favors the bulls over the bears. After trading under a bear trend for an extended period of time, the price of FIL gained buyers’ support near $3.000 making an extremely bullish rally of more than 90%. Reaching $5.800, the sellers made an attempt to take control of the price. Although after making a consolidation, the price resumed its bull trend with an extremely bullish engulfing candle. The price gained more than 2X of its value in this overall bull trend. Will the FIL price prevail over its barrier?
The FIL Price is Under Renewed Bullish Pressure
Source: FIL/USDT by TradingView
Following the rejection of the $9.00 level, FIL price lost 30 almost percent of its value falling below the price of $6.600. The bulls unsuccessfully tried to sustain the price above those levels by making an engulfing candle.
FIL made a three-black crow pattern after which it broke the 200 EMA with strong momentum. Despite making another retest, sellers started overpowering the market and made a 21% bearish turn.
Technical Analysis
Source: FIL/USDT by TradingView
The RSI line is currently moving above the median line and the 14 SMA. As of now, the RSI is likely to take a bearish correction. After taking rejection from the 60 points, the RSI line is making a bearish curve. The value of the RSI line at present is 57.98 points, while the 14 SMA is trading near the median line providing support to it at 52.48 points.
The stochastic RSI is trading at the overbought level of 98.85 points. The present situation is giving a bearish outlook because the stochastic RSI is trading near the oversold zone. The %K after making a bullish crossover near the oversold is taking a reversal from the Supply zone. The present situation suggests that the %K line can make a bearish interception below the %D line.
Conclusion
As per the analysis, the overall market sentiments regarding the FIL coin are bullish. Although, the oscillators are giving an indication of a bearish reversal. Historically, FIL price has been constantly respecting its Stochastic RSI. The price is taking resistance from the 200 EMA which may prove to be a significant barrier to the FIL price.
Technical levels Of FIL Price
Support – $5.800
Resistance – $ 7.000 and $8.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
