Filecoin (FIL) has surpassed and closed above the resistance level of $6.77 on November 30, completing a bullish rounded bottom pattern.
FIL/USDT daily chart | Source: TradingView
Bears will try to pull the price below $6.77 to trap overconfident buyers. If successful, the FIL/USDT pair could drop to the 20-day EMA ($5.33). Bulls need to strongly defend the 20 EMA to maintain a positive sentiment.
If the price rises from the current level and surpasses $7.33, this will confirm that $6.77 has turned into support. At that point, the pair could rise to $9.34.
FIL/USDT 4-hour chart | Source: TradingView
Bulls and bears are witnessing a tough battle at the breakout level of $6.77. The rising moving average and RSI in the overbought zone signal an advantage for the bulls. If the price rises and breaks above $7.33, this will indicate a continuation of the uptrend.
Conversely, a break below $6.77 could cause this pair to drop to the 20 EMA and then to the 50 SMA. Sellers will need to maintain the price below the moving average to regain the lead.