- FIL coin gives a bullish breakout from a descending triangle in a 4hr time frame
- The FIL/BTC pair was trading at 0.002478 BTC with a gain of 1.78%
- The 24 hr trading volume in FIL coin is 775.61Mn.
In the daily time frame, the FIL coin shows a very simple price action, as trying to recover after the sudden fall, price tried to break the $100 level only to face strong resistance from there, investors can see the types of candles forming near the resistance showing strong higher price rejections and Doji type candles this indicate a strong supply region here and price struggling to cross this level.
For FIL coin to become bullish, it has to break this $100 resistance level, or the trend remains sideways.
The RSI is currently at 49, which is still neutral to slightly bearish.
A Bullish Breakout From A Descending Triangle In 4hr Time Frame
The 4hr time frame chart of the FIL coin shows a bullish breakout from the descending triangle pattern. Right now, this price is giving a retest, and once it provides a followthrough, we can see another try from the FIL to break this resistance of $100. If the retest fails, the next support it could find is $80.
About the EMA’s, FIL is trading above the vital EMA’s-20, 50, 100, and they will act as a valid support for any downside movement in price,
The 200 EMA is trading above the price and around the $100 resistance level and will provide an excellent confirmation if it is crossed with this crucial resistance, giving investors an edge for the long position.
The overall movement in the MACD indicator is not that strong as investors can see there are multiple crossovers of signal and MACD line. However, as for now, both the lines are above the neutral zone, so the momentum is still slightly bullish.
Conclusion– From the technical point of view, the price is very near to the resistance, and investors can have a great opportunity if the price breaks this resistance. If this breakout is successful, the price can give a target of $125, i.e. almost 25%.