Filecoin (FIL) price is trading at the 20-day EMA mark and showed a fake breakout above the neckline of $5.00 highlighting strong sellers’ grip. However, the chart suggests that buyers will soon bounce and may escape the foremost hurdle of $5.00 and reach the swing high of $7.00 by the end of 2023. Additionally, the coin has attained buying momentum and witnessed a trend reversal on the chart.
The technicals are showing that Filecoin price has corrected from the higher trajectory mark of $6.50 and retested the support zone of $2.70. Afterwards, buyers persisted in trying to rebound and initiated a pullback, which led sellers into trouble, and FIL approached neutrality.
The live price of Filecoin is $4.52, with an intraday drop of 3.89%, showing neutrality on the charts. Moreover, the trading volume increased by 5.37% to $213.13 Million, and the pair of UNI/BTC is at 0.000122 BTC. However, the market cap of UNI is $2.13 Billion. Analysts have revised the rating from neutral to buy, suggesting a growth outlook for the upcoming sessions.
Will Filecoin Price Scratch $6.00 Mark By End of 2023?
On the daily charts, FIL price has surpassed the significant moving averages and is now taking support on the 20-day EMA mark. Moreover, the coin is still trying to escape the near-term hurdle of $5.00, but due to the strong presence of sellers, bulls find it challenging to run and are still close to it.
The RSI curve stayed in the overbought zone near 65, showing a negative crossover on the charts. The MACD indicator shows a bearish crossover and formed red bars on the histogram, suggesting a volatile chart structure.
Weekly Charts Delivering Range Breakout
On the weekly chart, Filecoin price has witnessed a range breakout after a long consolidation phase and is now approaching neutrality. Furthermore, FIL is heading to surpass the immediate hurdle of $5.00. Amid the bulls’ attempt to register a breakout, sellers still looked strong and did not permit bulls to clear the region, which caused the FIL price to retrace to the 20-day EMA mark.
Summary
Filecoin price has shown a trend reversal and has escaped the key moving averages, highlighting buying interest on the chart. Moreover, FIL price has sustained the 20-day EMA mark and is waiting for a bounce to surpass the hurdle of $5.00
Technical Levels
Support Levels: $4.20 and $4.00
Resistance Levels: $5.00 and $5.40
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/11/21/filecoin-fil-price-retraced-to-20-day-ema-are-bulls-trapped/