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Vikram
Apr 2, 2022
by Vikram

FIL Technical Analysis: Buying Spree Consolidates Before Reaching $30

FIL
FIL coin price shows a short consolidation phase near the $25 mark after a price jump from the $18 support level. Will buyers continue the uptrend to $30?

Key technical points:

  • FIL prices have increased by 11.40% in the past 24 hours.

  • In addition, the 100-day EMA struggles to keep the bullish growth in check.

  • Finally, the 24-hour trading volume of Ripple is $850 Million, marking a 14.60% rise.

    • Past Performance of FIL

    FIL coin price action shows a remarkable surge in buying pressure near the$18 support level resulting in a 45% price jump within 72 hours. However, the result struggled to surpass the 100-day EMA, resulting in the ongoing consolidation near $25. However, the recent lower price rejection of long-tail candle formation teases a bull run shortly.

    TradingView Chart

    FIL Technical Analysis 

    FIL coin price action shows an upside move of 11.40% in the past 24 hours that undermined the previous bearish engulfing candlestick. Moreover, the recovering sentiment of the crypto market projects a potential bull run.

    The crucial daily EMAs (50, 100, and 200-days) maintain a  bearish alignment with the 100-day EMA providing resistance to bullish growth. However, the bullish consolidation breakout will result in a surge to the 200-day EMA.

    RSI Indicator: The RSI slope shows a rounding reversal from the overbought territory due to the high selling activity near $26. Nonetheless, the RSI lines spike to regain the overbought title and reflect a bullish fightback.

    MACD Indicator: The MACD and signal lines show a diagonally flattish trend after the recent sellout. However, the lines maintain a significant bullish spread to avoid a bearish crossover. 

    In a nutshell, the FIL technical analysis projects a high likelihood of a bullish continuation to the $30 mark.

    Upcoming Trend 

    The FIL coin price shows a bullish reversal with promising follow-through that may surpass the 100-day EMA shortly. Hence, traders can experience a bull run to the $30 mark briefly.

    However, a fallout below the $24 mark will result in a free fall to the $50-day EMA.

    Support Levels: $24 and $20

    Resistance Levels: $26 and $30

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    Filecoin FIL
    FIL Technical Analysis: Buying Spree Consolidates Before Reaching $30
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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