Filecoin Price Shot Up 18%; FIL Crypto Ready For Next Rally?

Filecoin price prediction is highly bullish and suggests the uptrend might continue in the coming months.

FIL price surged 18% in the last session and formed a giant bullish candle. It also broke out of the previous swing high hurdle at $5.500.

Meanwhile, the sudden rise in FIL price is supported by massive buying volume. Therefore, the recent up move looks powerful and reliable and buyers are likely to hold the recent gains. 

From November to mid December, FIL crypto price consolidated in the range between $4.00 to $5.500. It formed a short term base and buyers succeeded to absorb the selling pressure. 

Recently, bulls won the battle inside the consolidation and succeeded to expand the range upwards. At present, the price is racing toward the next hurdle at $6.500 level. 

At press time, FIL price was $5.656. In the last 24 hours, the trading volume increased by 142% while the volume to market cap ratio is 30.97%. 

Will Filecoin Price Break the $6 Barrier and Fly Higher?

Filecoin price is inside the bulls’ grip and sustaining above the 50 day and 200 day EMA. It shows that the trend is in an upward direction. If the price retrace downward then the 50 day EMA will act as a strong support for the bulls. 

Moreover, the EMAs displayed a golden crossover which further boosted the confidence of existing investors. Therefore, the FIL crypto price is in an uptrend, so the probability of breaking out of the $6.00 level is high. 

FIL Price Analysis: Bulls Are Returning Back to Track

FIL price is forming a mildly bullish pattern on a weekly time frame chart. It shows that bulls are aggressive and returning back on track. 

The MACD curve is sloping upwards and positively intersected with an average line. It indicates that the bullish momentum might continue. The histogram is green and is forming higher high bars, confirming the bulls’ strength. 

The RSI at 64 also denotes that bulls are dominating and there is further scope for an upswing

Conclusion

Filecoin price prediction is bullish for the coming months and suggests bulls will lead the rally. The recent up move in FIL crypto is powerful and seems like big investors had injected the money. So, more upward momentum in FIL price is possible. The analysis suggests that the next rally in this crypto will trigger after it a breakout from the $6.00 hurdle. 

Technical levels

• Resistance levels: $6.446 and $7.000
• Support levels: $4.120 and $2.966

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.

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.