- The FIL coin price has increased by 29% during the weekly trading session.
- The Current Filecoin price is moving above the 50-day and the 200-day EMA.
Filecoin (FIL) was first described as an Interplanetary File System (IPFS) incentive layer in 2014. The project raised $205 million in an initial coin offering (ICO) in 2017. Filecoin is a peer-to-peer storage network where users pay in $FIL for data storage and distribution services. The developers claim that Filecoin solves the problem of inefficient file storage and retrieval.
FIL Coin Price has Reflected Positivity For the Last Six Months
FIL coin price has given a return of more than 130% in the last six months. Initially, the price showed a bullish reaction from the $2.9840 support level. Afterward, it leads to a breakout of the $4.6454 resistance level, which becomes its current strong support.
The FIL coin price surged more than 90% during this rally. It also created a decisional bullish point of interest (POI) on the $4.2023 level. Alternatively, the buyers started closing their positions from the $5.8157 level, resulting in a short pullback to $4.2023.
Subsequently, the price started a second rally from the $4.2023 POI. It again returned more than 90% in that bullish rally and created a resistance on the $8.1959 level. As per the previous price behavior, a bullish correction happened on the $4.6454 level.
The FIL coin price has reached its all-time high of $237.24, and the current coin price is performing 96.68% below that. 24-hour trading volume experienced a decrease of 13.44%, ranked 18th out of all 8858 active cryptocurrencies.
Technical Analysis of the FIL Coin Price
The FIL coin price is moving above the 50-day and the 200-day EMA, making it an uptrend. Both the EMAs had a bullish crossover earlier, reflecting strong bullish sentiments in the Current phase.
According to the price action, the Filecoin price has gotten a robust bullish buying from the $4.6454 decisional POI. The price broke above the $8.1959 resistance level but could not close above it, indicating a short-term pullback.
Crypto sellers are maintaining resistance at the $8.1959 level while the current price is uncertain. So, if the FIL coin price closes above the $8.6327 resistance level, it may rise toward the $11.4385 significant resistance level.
On the other side, the relative strength index (RSI) overcame a bearish divergence. It showed a strong bullish momentum from the 50-mark middle band. The RSI line is currently sloping at 71.29 toward the upper band.
Conclusion
Overall, the FIL coin price has been performing in an uptrend for six months. The price has given a breakout of the $8.1959 resistance level, although it couldn’t sustain above. The current price is making a negative candle, which can lead to a bullish correction. However, if the FIL coin price closes above the $8.6327 level, it may reach $11.4385.
Technical Levels
- Resistance Levels: $8.6327 and $11.4385
- Support Levels: $6.4175 and $4.6454
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 stocks and crypto comes with a risk of financial loss.