Filecoin (FIL) recently broke above its double-bottom neckline on the daily chart, backed by strong volume and a solid bullish candle.
According to the crypto analyst Crypto Pulse, this breakout signals renewed buying momentum after weeks of consolidation, suggesting that the market may be ready for an upward move. Traders are watching closely for confirmation from today’s daily close.
Source: Crypto Pulse X Post
The next candle was red, showing high volume but a small body, indicating that selling pressure was absorbed by buyers. If FIL holds above the neckline, the path could be clear toward $1.18 marking a potential continuation of the rally. Strong volume and demand suggest a bullish outlook in the near term.
Also Read: Filecoin Surges? Bulls Eye $10 After Support Holds at $1.20
Filecoin (FIL) Technicals Point to Downward Pressure
According to TradingView, FIL’s current price has been experiencing considerable downward pressure since the middle of February, with the price declining from $1.30 to around $0.99.
The current price is trading well above the $0.99 support. However, the overall trend from the middle of December has been bearish, with multiple lower highs and lower lows. The recent fall occurred towards the end of February, with concerns over the latest short-term rallies.
Source: TradingView
Technical indicators show that bearish momentum will persist. This is because the exponential moving averages (EMA) of 20, 50, and 200 all show bearish signals.
This means that the overall trend, both short and long term, is bearish. In addition, the Ichimoku Cloud shows that the stock is vulnerable to further downward pressure, considering that the stock’s price is below the Ichimoku Cloud.
Momentum Indicators Point to Cautious Optimism
Looking at the momentum indicators, the current value of the RSI is at 48.23, slightly below the 50 threshold, after a recent upsurge from the oversold area around the 30 threshold.
This indicates that the bearish momentum is not as strong as it was, but the buying pressure is not fully in control. The moving average of the RSI, which is at 41.83, shows that the momentum is slightly going up.
Source: TradingView
The MACD indicates that the blue line has recently crossed above the orange line, and the histogram shows a positive value of 0.02281.
This indicates a potential change in the momentum from bearish to bullish. However, the MACD line indicates that the values are close to the zero line, indicating that the strength of the trend is low.
Also Read: Filecoin Price Surge Ahead: FIL Could Hit $3.55 Soon!