Filecoin (FIL) has recently shown significant strength against Tether (USDT) as the price prepares for a rally to the $8 level. Although bitcoin (BTC) price occasionally shows some strength, it remains volatile as it impacts FIL. Filecoin (FIL) is struggling to break the $5 barrier, but it may be ready to do so now. (Binance data)
Filecoin (FIL) price analysis on the weekly chart
FIL prices have fallen from around $240 to $4, with the price struggling to stay afloat during bear season. FIL’s price has recently shown a glimmer of hope, rising from around $4 to $6 as more buyers invest in the coin.
FIL price hit a week low of $5 before recovering to $6.5 before facing resistance to break higher. FIL’s price remains above $6 as it has proved interesting for buyers.
FIL price has surged from this region to $6.5 as the price looks promising with good volume ahead of the new weekly close. If FIL maintains this volume towards the end of the week, FIL’s price could face its first major resistance at $8.
Weekly resistance for FIL price – $8.
Weekly support at the price of FIL – $5.
Price analysis of AXS on the daily chart (1D).
Daily FIL Price Chart | Source: FILUSDT On Tradingview.com
After falling to a daily low of $5, the price of FIL on the daily chart bounced off this area as it formed good support and rallied to a region of before the daily and weekly close with good buyer volume $6.5.
For FIL price to break above the current $6.5 resistance level, it needs to maintain its bullish structure with more buy orders.
FIL is trading $6.49 below the 50 and 200 Exponential Moving Averages (EMA). The prices at $6.8 and $14, which correspond to the 50 and 200 EMA, will keep FIL’s price from any further increase.
Daily (1D) resistance for FIL price – $6.5, $8.
Daily (1D) support for the FIL price – $5.
Price analysis of FIL on the four-hour chart (4H).
Daily FIL Price Chart | Source: FILUSDT On Tradingview.com
FIL price has remained bullish for the 4-hour period after bouncing off the $6.4 support and rallying to $6.49. FIL needs to maintain its bullish momentum as it approaches its main resistance at $6.5-$7, which is the 23.6% Fibonacci retracement level and serves as resistance for FIL price.
If FIL price breaks above this $6.5-$7 resistance level on sufficient volume, FIL price could surge to $8-$10.
On the 4 hour chart, the Relative Strength Index (RSI) for FIL is above 65 indicating the buy order volume for the FIL price.
Four hourly (1H) resistance for FIL price – $8-10.
Four-hour (1H) support for the FIL price – $6.4.
Featured image by Cryptowisser, charts by
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