Technical Analysis for $FIL /USDT

Current Price: $7.326

The Filecoin (FIL) price action suggests an ongoing recovery phase, with recent bullish momentum reclaiming critical levels. Here's a technical breakdown:

Key Observations:

1. Support Levels:

Primary Support: $6.90 (recent bounce area).

Secondary Support: $6.62 (24h low).

2. Resistance Levels:

Immediate Resistance: $7.50 (near 24h high).

Major Resistance: $8.00 (psychological barrier).

3. Indicators:

RSI: Showing an upward trend, currently near 58, indicating moderate bullish momentum.

MACD: Bullish crossover, with histogram expanding, confirming buying strength.

Moving Averages:

50 EMA: Price trading above it, confirming short-term bullish sentiment.

200 EMA: Price approaching, could act as major resistance around $8.

Momentum Analysis:

Momentum favors a bullish breakout if the price sustains above $7.50.

Profit-taking likely near $8.00, but continuation depends on breaking this level.

Trade Signals for FIL/USDT

Trade Setup

Entry Zone: $7.30 - $7.35

Stop Loss: $6.85

Targets 🎯

1. Target 1: $7.65 (short-term breakout level).

2. Target 2: $8.00 (psychological barrier).

3. Target 3: $8.40 (potential extension with strong momentum).

Momentum Outlook:

Short-Term: Bullish; ideal for quick profits.

Mid-Term: Neutral to Bullish; a break above $8.00 confirms trend continuation.

Long-Term: Watch for $6.62 support; failure to hold this could shift momentum bearish.

Risk-Reward Ratio: ~2.5:1 (depending on entry point and target).

Would you like a visual chart for deeper insights or adjustments to the strategy?

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