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FIL Price Analysis: Filecoin Token Faces Resistance at 200 & 20-DMA and May Move Higher

  • Filecoin token is trading under the bearish zone, as it falls below 200 and 20-Day moving averages. 
  • The coin is presently trading below the all major moving average of 20, 50, 100 and 200-DMA, while volume falls below the average line.
  • The pair of FIL/BTC is trading flat with an intraday loss of -0.27% at 0.001844 BTC; whereas, the ratio of FIL/ETH has dropped by -2.33% in the last 24-hours hours CMP at 0.02849 ETH.

Filecoin token faces resistance of 200 & 20-DMA, and the sustainability above will give a good move. Filecoin (FIL) is a cryptocurrency token that runs on the Ethereum blockchain, which decentralises data storage. The token has seen quite or sideways momentum in value over recent days, reaching a peak of $235 per FIL before dropping back down to $64 as it came up against the 200-day moving average (DMA). Another drop followed this to $66, where it found support from at 65.  

The support over the monthly chart is at $68 and $55; whereas, resistance on the higher side is at $98 and $122. Either side (200-DMA) prices could stay stable, or they could face more selling pressure and continue trending lower. Once the closing of day candles above the moving average of 200 and 20-Day will give a good recovery in upcoming trading sessions. 

Source: tradingview

Filecoin token over the weekly chart is trading sideways, with bulls overpowering at the current levels. At the same time, Bulls are looking more powerful as the technical parameters are suggesting. Presently the coin is trading at $75 with intraday gains of +0.89% and the volume to market cap ratio standing at 0.123. 

 Relative Strength Index (BULLISH): Filecoin token RSI is presently projecting bullish momentum, gradually heading towards the overbought region over the weekly chart. At the same time, trading at 62 levels.  

Moving Average Convergence Divergence (BULLISH): Currently projecting a positive trend over the weekly chart. The MACD shows the buyer’s signal line (green) is overpowering the seller’s line (red).  

Support levels: $68 and $55

Resistance levels: $98 and $122