- Filecoin’s price surged about 21.55% over the past month.
- The FIL coin joined the bullish rally along with other cryptocurrencies in mid-October 2023.
- The FIL token price is trading at $4.140, with a loss of 4.58% during the intraday session.
Filecoin token’s price has been on the uptrend since mid-October 2023. It has surged about 40% from the initial low of 3.13, persistently forming higher highs and lows. No major bearish intervention has been observed since mid-October, as the price flow was constantly upward. Hence, it led to the formation of immediate resistance of 4.06 level.
On February 19, 2023, the FIL coin price hit an annual high at $9.40 after it faced a sudden spike of roughly 100%. However, the bullish rally did not last and the price plummeted towards the support level of $4.65.
Furthermore, the FIL token price bounced up due to the heavy presence of bulls after forming strong support at $4.65. The trend shift carried out the bulls’ approach to recover from the previous losses but failed to meet the goal. Hence, the price hit the $7.57 resistance level and fell back into the downtrend.
Will EMAs Crossover Lead the FIL Coin Into Golden Cross?
Filecoin’s price surged about 21.55% over the past month. The bullish trend hoists the price above the all-significant exponential moving average. The bulls have to hold the ongoing uptrend and the 50-day EMA should cross the 200-day EMA. Thus, it could demonstrate a golden cross pattern in the upcoming trading sessions.
On the other hand, if the bears snatched control from the bulls and broke below the $4.00 mark, it could usher the price into a deeper correction phase. However, the FIL token price is trading at $4.140, with a loss of 4.58% during the intraday session. Its current market capitalization is $293.68 Million, with a 24-hour trading volume of $5.10 Million. It has a circulating supply of 8.999 Billion FIL coins.
On the 1-Day chart, FIL/USDT has been trending in an uptrend trajectory as the bulls are persistently forming higher highs and lows. The 50-day and 200-day EMAs are ascending upwards. It suggests a higher possibility of forming a golden cross pattern in the upcoming timeframe.
The RSI is trending near the overbought territory of 70, suggesting that the bulls are completely upholding the market. The current scenario reflects that the RSI will enter the overbought territory soon.
The CMF trades at 0.24, as the price action persistently closes above the bar’s midpoint on increasing volume. The CMF denotes that more accumulation has taken place.
Conclusion
The FIL coin price positioned itself in an uptrend along with the other cryptocurrencies which have been swinging high since mid-October. The technical parameters favor the buyers’ side as token price trades above all EMAs. Moreover, the RSI is currently contesting for the overbought zone. It suggests higher buying pressure in the market.
Technical Levels
Major resistance: $5.670 and $5.010
Major support: $3.080 and $2.710
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.