TA- Filecoin (FIL) Price Bounces Back On Track As Price Eyes $10

Filecoin (FIL) has recently shown significant strength against tether (USDT) as the price prepares for a rally to the $8 mark. Despite showing some strength occasionally, the price of Bitcoin (BTC) remains volatile as this has affected FIL. Filecoin (FIL) has struggled to break through the $5 barrier, but it may now be poised to do so. (Data from Binance)

FIL prices have dropped from around $240 to $4, with the price struggling to stay afloat during the bear season. The price of FIL has recently shown a glimmer of hope, rising from around $4 to $6 as more buyers invest in this coin.

FIL price saw a weekly low of $5 before rebounding to $6.5 before encountering resistance to breaking above. The price of FIL remains above $6 because it has proven to be of interest to buyers.

The price of FIL has risen from this region to $6.5, as the price appears promising, with good volume coming in ahead of the new weekly close. If FIL maintains this volume as the week comes to a close, the price of FIL could face its first major resistance at $8.

Weekly resistance for the price of FIL – $8.

Weekly support for the price of FIL – $5.

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, rallying to a region of $6.5 with a good volume of buyers ahead of the daily and weekly closes.

For the price of FIL to break above the current resistance level of $6.5, it must maintain its bullish structure with more buy orders.

FIL trades $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 the price of FIL from rising further.

Daily (1D) resistance for the FIL price – $6.5, $8.

Daily (1D) support for the FIL price – $5.

The price of FIL in the 4H timeframe has remained bullish after bouncing off support at $6.4 and rallying to $6.49. FIL must maintain its bullish momentum as it approaches its major resistance at $6.5-$7, which corresponds to the 23.6% Fibonacci retracement mark and serves as resistance for the FIL price.

If the price of FIL breaks above this resistance level of $6.5-$7 with sufficient volume, the price of FIL could rise to $8-$10.

On the 4H chart, the Relative Strength Index (RSI) for FIL is above 65, indicating buy order volume for the FIL price.

Four-Hourly (1H) resistance for the FIL price – $8-10.

Four-Hourly (1H) support for the FIL price – $6.4.