The recent bear cycle from the $27 resistance tumbled the FIL price by 32%. The altcoin hit $16.7 bottom support, undermining the late march rally. If the coin price sustains above the mentioned support, the FIL price will rechallenge the $27 resistance.
Key points:
- The flattish 50-day SMA reflects a range-bound rally.
- The FIL price rebounded from the $19.67 support.
- The intraday trading volume in the FIL is $999 Billion, indicating a 128% gain.
Source- Tradingview
The FIL/USDT pair has been resonating between the $27 and $16.8 levels for nearly three months. However, during the April’s first week, the uncertainty spread across the crypto market prevented the recovery from breaching the $27 overhead resistance. The resulting reversal dumped the coin price to the $16.8 support zone.
On April 16th, the FIL price experienced a significant inflow that pumped the altcoin by 16%. As a result, the altcoin currently trades at the $20.52 mark, with an intraday loss of 5.36%.
For FIL holders: the $16.8 is a crucial accumulation zone that provides an excellent bottom entry opportunity for long traders.
Furthermore, a bullish breakout and closing above the $27 mark will give the first sign of recovery, which will lead the FIL price above $33.8 resistance.
Alternatively, the $16.8 support fallout could sink the altcoin to $10 psychological support.
Technical indicator
Bollinger band– the lower band of the indicator, supports a bullish reversal from the $16.7 support. Furthermore, the extreme bands of the indicator aligned with the price action range provide an additional for a range breakout trade.
RSI– A failed attempt of the RSI slope to enter the bullish territory indicates a negative sentiment amongst market participants.
- Resistance levels- $22.5, and $27.3
- Support levels- $16.78 and $10
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/filecoin-price-prediction-27-breakout-would-boost-fil-price-recovery/