- Filecoin is continuing the current trend with few breaks
- The 29th ranked coin in the market is keeping itself above and stable for a week
- Over 38% surge in the trading volume observed with a bit of an increase in the market cap
FIL is undergoing a continuation trend. It seems like the bulls and bears are fighting each other to take over. But in reality, they are just cancelling each other out. However, the current market price is above what was predicted a week ago. The CMP is almost $20 shy of what was the high price about a month ago. The coin with 0.28% of market dominance saw a modest rise in its market cap in the last 24 hours. The FIL/BTC pair is also performing well with the value 0.001031 BTC, an intraday surge of 3.52%. The same goes out for the FIL/ETH pair, an increase of 2.84% pushed the price up to 0.01406 ETH.
After assessing the 30-minute time frame chart for daily moving average lines, one may find that the coin is trading between the lines. The formation of a symmetrical triangle before the current price candle is another observation supporting the trend continuation. 30 and 200 MA lines are running above the current price, while the 100 MA line shows signs of a dive in some time. The first support and resistance levels created near the candlesticks house the triangle pattern, suggesting that FIL is safe in the region from any volatility. In terms of performance, Filecoin has not given many returns to those who’ve invested six months ago, but the annual ROI of 110% shows that the coin can perform better for a long time.
Filecoin may not be a good buy for the short term
The oscillators like MACD and Relative Strength Index suggests a neutral zone with a possibility of short term booking of loss if the current conditions are considered along with its past data. The MACD and signal lines are being asymptotic, i.e. they don’t seem to reach the zero level anytime soon but may stay very close to it. RSI indicates a neutral zone with no overbuying. However, the coin may get into the overselling zone if it loses its current strength on the charts.
Resistance is at $64.371 and $65.874 and support can be seen at $61.135 and $62.416.
Conclusion- Filecoin may stay on a continuous trend but nothing can be said about the positive or negative momentum for a shorter duration as the coin may become volatile if it loses its current stability. The coin may steadily climb the chart, but has no chance of a price explosion as of now. It is advisable to perform an analysis before investing in any asset.
Resistance- $64.371 and $65.874
Support- $61.135 and $62.416