[New post] TA- Filecoin (FIL) Price Bounces Back On Track As Price Eyes $10
Crypto Breaking News posted: "Filecoin (FIL) has recently shown significant strength against tether (USDT) as the price prepares for a rally to the $8 mark. Despite showing some strength occasionally, the price of Bitcoin (BTC) remains volatile as this has affected FIL. Filecoin (FIL)" Crypto Breaking News
Filecoin (FIL) has recently shown significant strength against tether (USDT) as the price prepares for a rally to the $8 mark. Despite showing some strength occasionally, the price of Bitcoin (BTC) remains volatile as this has affected FIL. Filecoin (FIL) has struggled to break through the $5 barrier, but it may now be poised to do so. (Data from Binance)
Filecoin (FIL) Price Analysis On The Weekly Chart
FIL prices have dropped from around $240 to $4, with the price struggling to stay afloat during the bear season. The price of FIL has recently shown a glimmer of hope, rising from around $4 to $6 as more buyers invest in this coin.
FIL price saw a weekly low of $5 before rebounding to $6.5 before encountering resistance to breaking above. The price of FIL remains above $6 because it has proven to be of interest to buyers.
The price of FIL has risen from this region to $6.5, as the price appears promising, with good volume coming in ahead of the new weekly close. If FIL maintains this volume as the week comes to a close, the price of FIL could face its first major resistance at $8.
After falling to a daily low of $5, the price of FIL on the daily chart bounced off this area as it formed good support, rallying to a region of $6.5 with a good volume of buyers ahead of the daily and weekly closes.
For the price of FIL to break above the current resistance level of $6.5, it must maintain its bullish structure with more buy orders.
FIL trades $6.49 below the 50 and 200 Exponential Moving Averages (EMA). The prices at $6.8 and $14, which correspond to the 50 and 200 EMA, will keep the price of FIL from rising further.
Daily (1D) resistance for the FIL price – $6.5, $8.
Daily (1D) support for the FIL price – $5.
Price Analysis Of FIL On The Four-Hourly (4H) Chart
The price of FIL in the 4H timeframe has remained bullish after bouncing off support at $6.4 and rallying to $6.49. FIL must maintain its bullish momentum as it approaches its major resistance at $6.5-$7, which corresponds to the 23.6% Fibonacci retracement mark and serves as resistance for the FIL price.
If the price of FIL breaks above this resistance level of $6.5-$7 with sufficient volume, the price of FIL could rise to $8-$10.
On the 4H chart, the Relative Strength Index (RSI) for FIL is above 65, indicating buy order volume for the FIL price.
Four-Hourly (1H) resistance for the FIL price – $8-10.
Four-Hourly (1H) support for the FIL price – $6.4.
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