Filecoin Price Prediction: Are Bulls Closing in on the $5 Mark?

• 1 Filecoin reveals a pullback from the 200 day EMA and is attempting to cross the $5 mark.
• 2 Buyers are gaining strength and are trying to register a breakout.

Filecoin price shows a rebound from the 20-day EMA and is attempting to surpass the neckline of $5.00. FIL price surged over 56% in the recent sessions and persisted in forming higher highs, taking support on the lower trendline. The technicals show that Filecoin price has now escaped the trendline in a fresh bull move.

Filecoin price has escaped the key moving averages, showing follow on buying in the last sessions. The price action shows the bulls’ dominance, and buyers are now attempting to surpass the 50% Fibonacci retracement zone and are climbing above the mid bollinger band. Furthermore, Filecoin reveals the bullish bias. Positive directional trend signals buyers are trying to sustain above $5.00 to extend the ongoing rally.

The live price of Filecoin is $5.00 with an intraday gain of 5.21%, showing neutrality on the chart. Moreover, the trading volume increased by 9.17% to $255.92 Million. However, the pair of FIL/BTC is at 0.000114 BTC, and the market cap is $2.37 Billion. Analysts have maintained a buy rating and suggest that FIL price may continue to extend bullishness in the following sessions.

Filecoin Price on Daily Chart Displays Bullish Momentum

Source: FIL Price Chart By TradingView

On the daily chart, Filecoin price is in a narrow range and has been hovering below $5.00 for the past few weeks. Now, bulls are looking aggressive, are attempting to exit the upper levels, in order to reach the swing high of $7.00.

The Relative strength index (RSI) curve stayed close to the midline of 50, forming a positive divergence, indicating that bulls are now leading in the market.

The Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover and the green bars on the histogram confirm the bullishness and a favourable bullish outlook for the upcoming sessions.

Weekly Charts Shows Rejection From 50 Day EMA

Source: FIL Price Chart By TradingView

On the weekly chart, Filecoin price faced rejection near the 50-day EMA barrier and retraced to the round mark of $5.00, where buyers tightened their grip and sustain the gains on it. However, the technicals show buyers are heading into an uptrend to retest the upper trendline as they rebounded from the lows of $2.80.

Summary

Filecoin price approached the round mark of $5.00, highlighting strong buying interest. Moreover, the trend signals a reversal from the lows while the technicals confirm the bullishness.

Technical Levels

Support Levels: $4.70 and $4.00

Resistance Levels: $5.30 and $6.00

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.

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