Filecoin Within Pennant Eyes Breakout Rally In FIL Price To $10
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As the crypto market regains bullish momentum, the altcoins are planning a long-term trend reversal with increasing investors’ confidence.
In this recovering market, the FIL price trend aims to overcome the bearish influence.
With a positive cycle in Filecoin, will the bullish trend in the FIL price surpass the overhead resistance to reach $10? As the buyers resurface, is it the best time to buy the Filecoin before the breakout? Read our FIL price prediction NOW to find out.
Buyers Challenge The Deathcross
With a $3.37 billion market cap, the Filecoin price trend has been sideways over the past few weeks. The contracting volatility and the sideways shift after a 50% bearish fall led to a bearish pennant pattern.
Currently, the FIL price shows a bullish comeback in the pennant pattern, teasing a breakout rally for a trend reversal. The overnight jump challenges the overhead resistance trendline and the 50D EMA.
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Currently, the FIL price trades at $6.026 following the 6.80% jump within 48 hours. However, the intraday pullback of 0.89% warns of a bearish reversal from the trendline.
Technical Indicators:
RSI: The daily RSI line shows a bullish divergence and crosses above the halfway line.
EMA: The death cross in the 50D and 200D EMA leads to a bearish trajectory and acts as the dynamic resistance.
Will The FIL Price Cross $10?
As per the Fibonacci levels, the FIL price shows an upside move ready to challenge the 61.80% level. With the broader market recovery, the Filecoin bulls anticipate a breakout rally in the coming days.
With a breakout, the Filecoin token price could reach the 50% Fibonacci level at the $7.331 mark, with a potential 21% jump. Optimistically, the uptrend could reach the 23.60% Fib level at $9.524. Conversely, a dump under the support trendline could test the $5 mark.
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