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Vikram
Mar 28, 2022
by Vikram

FIL Technical Analysis: Confident Buyers Ready Cross $25 Juncture

FIL
FIL coin price experiences a boom in buying pressure evident by the 27% jump in the last 24 hours. Will the increasing volume surpass reach the $30 mark?

Key technical points:

  • FIL coin price approaches the 100-day EMA.

  • In addition, the RSI slope enters into the overbought territory.

  • Finally, the 24-hour trading volume of Filecoin is $1.33 Billion, marking a 535% rise. 

    • Past Performance of FIL

    FIL coin price creates a remarkable, bullish engulfing candlestick to the $24 mark from the $18 level. The surging prices outperform the 50-day EMA and make a new swing high slightly above the $24 mark. Then, it continues to head higher to the resistance confluence of the 100-day EMA and the $25 mark. 

    TradingView Chart

    FIL Technical Analysis 

    FIL coin price shows a boom in buying pressure evident by the 500% jump in the trading volume, increasing the chances of sustained buying for the day. Hence, a surge above the $25 mark is quite possible with another solid bullish candle.

    The Filecoin market price is approaching the 100-day EMA mark and might shortly surpass it. Moreover, the reversal in the 50-day EMA increases the chances of bullish crossover with the 100-day EMA.

    RSI Indicator: The RSI slope pinches into the overbought territory with a diagonal spike. Furthermore, the 14-day average rises higher above the 50% mark, reflecting the positive sentiment building up for the Filecoin. 

    MACD Indicator: The MACD and signal lines regain the bullish spread after the recent merger and cross into the positive territory. Moreover, the indicator reflects increasing buying pressure with the booming positive histograms. 

    In a nutshell, the FIL technical analysis projects a high likelihood of the $25 breakout.

    Upcoming Trend 

    FIL coin price represents a high probability of sustained buying after the $25 breakout, resulting in a jump of 20% to 45%. Hence, traders can observe the prices reaching the $30 to $35 mark this week. 

    Support Levels: $22 and $20

    Resistance Levels: $25 and $30

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    Filecoin FIL
    FIL Technical Analysis: Confident Buyers Ready Cross $25 Juncture
    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.