- FIL token price has risen to the supply zone after showing a strong bullish movement in the past 24 hours.
- FIL token price is forming a flag and pole pattern on a daily time frame.
- The pair of FIL/BTC is trading at the price of 0.0002191 with an increase of 1.29% in the past 24 hours.
FIL token price has risen to the supply zone following a strong bullish rally in the overall cryptocurrency market. Despite the strong bullish pressure the token price is yet to break the important supply zone on a daily time frame.
As the market rose, the token price was seen making new highs in a 4 hour time frame,changing the price structure. Although, on a daily time scale the token price is yet to break the supply zone. As of now, the token price is trading above the important supply zone of 50 and 100 Moving Averages. Moving upwards the token price can be seen resting at these MAs. Investors should wait for a proper price action before taking any further action.
At present, the FIL token price is trading at the upper band of the bollinger band indicator after bouncing off the demand zone following a strong bullish pressure. Currently, the token price is trading at the upper band of the bollinger band indicator. Volumes have increased leading to confirmation of the recent bullishness. Although, investors should remain cautious and wait for a proper signal of reversal.
The FIl token price is forming a flag and pole pattern on daily time frame
Average Directional Movement Index: The ADX curve has followed the footsteps of the recent bullish movement, previously, the curve was trading below the mark of 20, however as the price rose the ADX curve was seen dipping out of the 20 mark zone. As of now, the ADX curve has turned upwards resulting in the bullish momentum. Currently, the ADX curve is transacting at 43.48 on a dial time frame.
Moving Average Convergence Divergence: MACD indicator is positive from the past couple of weeks after a strong bullish rally the MACD shows the bullish signal. The blue line crossed the orange line on the upside. This triggered the bullish signal way back. Recently, the MACD lines were seen widening positively, indicating a bullish momentum in the upcoming trading days.
Relative strength index: The RSI curve was previously trading below the halfway mark of 50 as the token price was continuously failing to surpass the supply zone. However, the token price was able to surpass the supply zone on a smaller time frame ,which resulted in the RSI curve crossing the halfway mark of 50. Currently, the RSI curve is trading at the level of 71.42.
Conclusion: At present, as per the price cartoon the token price is bullish. The technical parameters suggest the same. However, the token price is yet to cross the supply zone with a strong bullish movement. Investors should remain cautious and wait for the proper breakout and then act accordingly.
Support: $4.28 and $4.18
Resistance: $5.28 and $5.58
