Analysis

Charted: Filecoin (FIL) Rally Takes Breather, Key Uptrend Support at $60 Intact

Filecoin (FIL) started a strong rally above the $ 60.00 and $ 65.00 resistance levels. The price is currently correcting lower, but there is a strong support near the $ 60.00 level.

  • Filecoin price climbed sharply from the $ 52.00 support and surged over 50% against the US dollar.
  • The price tested the $ 75.00 resistance and recently started a downside correction.
  • There is a short-term declining channel forming with resistance near $ 67.00 on the 5 minute chart of the FIL/USDT pair (data source from Binance).
  • The pair could continue to move down, but the $ 60.00 support could act as a strong buy zone.

Filecoin (LINK) Price Rallies To $ 75

In the past few hours, there was a strong rise in filecoin’s price above the $ 60.00 resistance level. FIL price even broke the $ 65.00 and $ 70.00 resistance levels. There was a test of the $ 75.00 and the price settled well above the 100 simple moving average (5 minute). FIL also gained significantly against bitcoin and ETH.

A high was formed near $ 75.88 and the price recently started a downside correction. There was a break below the $ 70.00 and $ 68.00 support levels. The price even traded below the 50% Fib retracement level of the upward move from the $ 52.53 low to $ 75.88 high.

FIL tested the main $ 60.00 support level. It also remained well bid above the 61.8% Fib retracement level of the upward move from the $ 52.53 low to $ 75.88 high.

Filecoin (LINK) Price

Source: FILUSDT on TradingView.com

It seems like there is a short-term declining channel forming with resistance near $ 67.00 on the 5 minute chart of the FIL/USDT pair. The pair is currently rising and it is approaching the channel resistance and $ 66.50.

A successful break above the $ 67.00 resistance level could restart the rally and the price might rise sharply towards the $ 75.00 level. An intermediate resistance could be near the $ 70.00 level.

Key Uptrend Support

If filecoin’s price fails to clear the $ 66.50 and $ 67.00 resistance levels, it could move down further. A downside break below the $ 61.00 and $ 60.00 support levels might increase the risk of a sharp decline.

The next major support is near the $ 58.00 level, below which the price might revisit the main support near the $ 52.50 zone.

Technical Indicators

5 minute MACD – The MACD for FIL/USDT is still in the bullish zone.

5 minute RSI (Relative Strength Index) – The RSI for FIL/USDT is correcting lower towards the 50 level.

Major Support Levels – $ 64.00, $ 61.50 and $ 60.00.

Major Resistance Levels – $ 66.50, $ 67.00 and $ 70.00.

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Analysis – NewsBTC

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