Filecoin price analysis indicates an uptrend in FIL/USD after forming a bullish flag pattern at $5.08 on the chart. The cryptocurrency is currently trading near the upper boundary of the flag and has been facing rejection at the key resistance level of $5.42. It seems that traders are trying to push Filecoin’s price higher, as bulls are staging a strong comeback.
The FIL/USD has risen by 0.89% within the last 24 hours and is currently continuing to surge. The market cap of Filecoin is currently around $1.91 billion, with a trading volume of $163 million.
FIL/USD 4-hour chart: Filecoin consolidates near the flag’s resistance at $5.42
The 4-hour chart for Filecoin shows that the cryptocurrency is struggling to break out of the flag pattern and reach new highs. The pair’s price had formed a descending triangle pattern the previous day, but the support at $5.03 allowed buyers to break through and establish a new uptrend.
As the market rises, the token may find a strong support level near $5.03. If the buyers manage to push the price beyond this point, it could open doors for further bullishness in the market and help Filecoin reach its next major resistance at $5.50. On the other hand, if the bulls fail to break above the current barrier, there is a chance that the price may consolidate at this level before rising higher.
The MACD indicator is positive for the past couple of hours and is currently in the bullish zone. This confirms that the bulls are in control of the market and could take Filecoin’s price to new highs soon. The RSI indicator, on the other hand, is hovering around 44.43 and hasn’t shown signs of fatigue yet. The Smooth moving average is also rising and is currently sitting at $5.195, indicating a further upside in the price of Filecoin.
Filecoin price analysis 1-day price chart: Bulls make a strong comeback
The 1-day chart for Filecoin price analysis shows that the buyers are in control of the market, as the token has seen a strong uptrend over the last few days. The bearish sentiments that prevailed in the market a couple of days ago have been lost and the buyers are back in full force.
The MACD indicator is also positive and is currently sitting at 0.377, indicating that bulls remain in control. The RSI indicator is also trending higher and is currently at 66.57, indicating that the uptrend may continue in the near future. The Smooth moving average has also risen from $4.90 to $5.10 and continues to suggest further upside for Filecoin’s price.
Filecoin price analysis conclusion
Overall the Filecoin price analysis shows that the buyers have been able to maintain their control over the market after forming a bullish flag pattern at $5.08. As long as the buying pressure remains in control, FIL/USD could be headed toward new highs and reach its next major resistance level at $5.42. Traders should keep a close eye on the price movements of Filecoin and watch out for any signs of reversal before placing their trades.
