Filecoin’s massive gain of around 30% in value, and the nice performances could be telling something. This could be indicating that some strength is returning to the cryptocurrency market, following the prevalent dismal performance in the past few months. Nevertheless, the FIL/USD market looks interesting, and let’s take a closer look at it.
FIL price now: 7.806
FIL Market Cap: 2.04 billion
FIL Total Supply: 246.3 million
FIL Rank: 35
Key Levels:
Resistance: $5.651, $6.000, $7.806
Support: $5.990, $5.900, $5.651
FIL/USD Value Prediction: Filecoin Displaying One Massive Bullishness
The huge percentage movement in FIL/USD market is portrayed on the daily trading chart for this crypto. The last candlestick on this chart, gave the price of Filecoin a big jump from $6.000 to around $7.806. Also, the Bollinger indicator was stretched and broken to the upside. On this chart, the Stochastic Relative Strength indicator has arrived in the overbought region, with little more space to reach the peak of 100%. This portrays that the bulls may have given their last thrust, and the trend may be reversing soon. Therefore, traders can anticipate for a reversal to occur at around $8.000 or $8.500.
FIL/USD Value Prediction: Filecoin Trend Reversal Has Already Begun
On the FIL/USD four hours, although the upper boundary of the Bollinger indicator was broken, it seems it will only be a fake-out. Looking at the last candlestick that formed on this chart, confirms that selling pressure is already taking its toll on the price motion of Filecoin.
Additionally, the SRSI confirms the beginning of a reversal. This conclusion is drawn from the fact that the SRSI has crossed the 100% mark of this indicator. So, going by this if the price of this crypto will any further, it is likely that a reversal will occur at around $8.500.
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Source: https://insidebitcoins.com/news/fil-usd-value-prediction-for-july-31th-filecoin-is-bullish