Filecoin Price Analysis: FIL Struggle at 50-DMA, Bulls Await for Weekly Price Closing 

• Filecoin (FIL) has applied to start on the bullish side after a little accumulation,
• Buyers are aggressively buying FIL coin as it has increased by 13% in the last 24 hours.
• The Money Flow Index reaches bullish zone on the daily price scale

The cryptocurrency’s overall market cap fell 0.62% in a 24-hour period. In fact, it’s been below $1 billion for several days now. Despite the downside, Filecoin is moving higher in the intraday trading session as the coin is trading at the $6.43 mark at press time against USDT.

The FIL coin gained over 14% of its price in just six trading sessions. Notably, buyers are aggressively buying FIL coin as it is up 13% in the last 24 hours. In the midst of today’s rise, the altcoin have already breached the short-term resistance level. As a result, the bulls barely manage to hold the price above the $6.5-resistance.

Source: FIL/USDT by Tradingview 

Filecoin appears to be bullish against bitcoin trend, with the bulls now targeting a break above $8.0 – the next resistance – before moving towards the $8.0 conceptual round level. Besides, the key support at $5.0 was a major defensive zone for the bulls, which has supported the bulls more than three times.

The market cap has risen above $1.78 billion in the last 24 hours as per CMC. This is because the Money Flow Index moves into bullish territory on the daily price scale. The MFI indicator remains above the semi-line after 20 days. However, the trading volume increased by more than 100% to $333 million in the last 24 hours.

MFI Displays the Huge Accumulation in FIL Coin 

Source: FIL/USDT by Tradingview 

In the midst of a sudden bullish move, the FIL coin reaches the 20-day moving average in terms of the daily price scale. At the same time, bears are waiting for a selloff at 50-DMA. Above this bullish barrier, buyers are expecting the asset to reach the $10 mark. Moreover, the RSI indicator is about to reach its resistance level of -50.

Conclusion

The Filecoin is trading at important resistance levels where the bears will definitely attempt to sell. Apart from this, technical indicators are also in favor of the bullish trend. For further growth, the level of the ideological round will be the next major resistance.

Support level- $6.0 and $5.0

Resistance level- $10 and $17

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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