Will Filecoin (FIL) be able to surpass the resistance of $4.000?

• Filecoin is now gaining momentum from the last few trading sessions.
• Bulls are attaining strength showing a rebound from the bottom.

Filecoin ( FIL ) showed a volatile move on the long-term charts and the price is showing a rebound from the support of $2.800 and a bounce was noted which shows the buyers intention to hope for a trend reversal in upcoming sessions. Meanwhile, ongoing pullback shows strength with a long wick candlestick with signs of reversal.

FIL coin is near the critical resistance mark of $4.000, which needs to be retested and observed where buyers may face rejection in the upcoming sessions amid the reversal movements. Bulls weakness might be over, and a change in the momentum can happen if the price again fetches the 20-day EMA. 

The ongoing downtrend if further happens in the next session, then the price may head towards the primary support of $3.000, and if the price is unable to hold, then FIL will go towards the strong secondary support of $2.800. If the buyers succeed in attaining grip, then the price may surge to the immediate resistance of $4.000, and if the uptrend begins, then the following mark of $4.700 is the strong supply mark.

When writing, FIL is trading at $3.66 with a massive  intraday gain of 6.40%, showing the coin’s bullish trend reversal views. However, the trading volume also shows a surge of 10.50% investors gaining attention towards the FIL crypto.

Daily Charts Shows Trend Reversal 

On the daily charts, Filecoin shows a falling wedge pattern but instead of going upside, it goes in a downward trend and hovering at the bottom below $4.00.  The bears dominated and continued to show their strong muscles resulting in the downward-sloping action in price.

Furthermore, Filecoin is trading below the significant moving averages and needs more momentum. However, the intraday bounce shows the intent of buyers and willingness to attain the 20 day EMA mark.

Short Term Chart Shows a Bounce

On the 4-hour charts, Filecoin faced selling pressure in the past sessions and retested the lows near $3.00 where a spike was noted which made sellers trapped. However, buyers try to break the seller’s voyage and look to extend the reversal move.

The Relative Strength Index (RSI) has shown a reversal from the oversold region. Moreover, there is a positive crossover shown on the curve which shows a positive outlook.

The traditional indicator MACD starts to plot green bars on the histogram with a bullish crossover on the charts.

Conclusion:

Filecoin shows a spike from the base near $3.00 and showing their intent to attain the gains toward the 20 day EMA mark, where bulls showed their efforts. Investors are now in a conservative state, whereas bulls are attempting to hold the gains.

Technical Levels

Support Levels: $3.000 & $2.700

Resistance Levels: $4.800 & $5.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.