By Solomon Odunayo
- Filecoin price paints a bullish picture.
- FIL/USD has a support barrier near $7.30.
- The immediate resistance stood at $7.58.
Filecoin sees a bullish trend today. The alternative token gained more than 5% within a day as market sentiment experienced bullishness. While publishing this content, FIL traded near $7.46 and seemed prepared to overpower the resistance zone at $7.50.
The overall crypto market saw positive momentum within the previous day, with most majors recording significant upticks.
Bitcoin, XRP, and Ethereum saw impressive leg ups within the previous day. Nevertheless, some alternative tokens outperformed the trio. For instance, Filecoin gained more than 5% within the past day following bullish tendencies.
The alt saw upside momentum following a descending triangle breakout. The nearest support stands near $7.30, whereas the resistance zone stands at $7.58.
1Day Timeframe – Bullish Run has FIL Trading at $7.40
The daily chart shows FIL/USD on a bullish bias. Meanwhile, the alternative token maintained an upside stance since yesterday, currently hovering above $7.40. The support floor stands near $7.30, while $7.58 represents a resistance zone.
The MACD seems prepared for a bullish crossover, an optimistic signal for the token. Also, the Moving Average Convergence Divergence histogram flashes green, showing bullishness at the moment.
The Relative Strength Index hovers around the 50-mark, affirming the market is neither oversold nor overbought.
The Bollinger Bands suggest increasing volatility within the market as they expand. For now, FIL’s 24hr technical indicators flash a bullish sign, supporting the ongoing upswing in the marketplace.
4Hr Timeframe – Latest Development & Further Technical Indications
According to the 4hr chart, Filecoin explores an optimistic trend. The alt presented higher lows and higher highs, indicating bullish control. Also, the price chart placed resistance at $7.58 and support near $7.30, as FIL/USD trades near $7.40.
Also, the MACD stayed beyond the signal line to denote bulls’ control. The Relative Strength Index depicts overbought conditions as it swayed near 60. Overall, 4hr technical suggests bullishness for the alternative token, backing the current market surge.
Final Thought
Filecoin enjoys bullish reactions in the near term. 4hr and 1day chart indicators present bullish signs. Nevertheless, the market’s overbought conditions might translate to price pullbacks soon.
Investors should wait for price dips before entering the market as FIL’s long-term projection remain bullish.