Filecoin price analysis shows prospects of initiation of a bullish run, as price jumped up around 10 percent over the past 24 hours to move up to $7.2. After facing a bearish spell since February 21, price fell from a month-long high of $9.2 to settle down at the $6.8 mark. With today’s jump, FIL could be setting up a move to retest the resistance point at $10. The token carries a market cap of $2,952,019,394, occupying the 26th rank in the crypto market.
The larger cryptocurrency market remained in the greener side of things, with Bitcoin rising 2 percent to move up to $23,700, whereas Ethereum jumped 4 percent to $1,600. Among leading Altcoins, Ripple rose 2 percent to $0.38, while Dogecoin and Cardano made 2 percent increments, each, moving as high as $0.08 and $0.36. Meanwhile, Polkadot also rose 2 percent, to move up to $6.51.
Filecoin price analysis: Price reaches up to 50-EMA on daily chart
On the 24-hour candlestick chart for Filecoin price analysis, price can be seen making a swift uptrend to shift the incumbent bearish trend since February 21. FIL had been trading sideways around the $6.7 mark since last week before today’s uptrend, that took price above the 9 and 21-day moving averages, while meeting the 50-day exponential moving average (EMA) at $7.10.
The 24-hour relative strength index (RSI) can be observed making a quick move upwards to move up to 58.06, which could be considered as a healthy market valuation for Filecoin. With potential for price to continue upwards, the RSI could go well into the overbought zone before a correction occurs. The moving average convergence divergence (MACD) curve continues to show a bearish state, albeit the signal line is approaching the trend line.
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