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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jun 06, 2024 08:45 UTC
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Filecoin Within Pennant Eyes Breakout Rally In FIL Price To $10
Filecoin shows a symmetrical triangle pattern to form a bearish pennant.
The death cross in the daily chart signals a bearish trend in motion.
A breakout-led bullish reversal will pump the FIL price to $10.
As the crypto market regains bullish momentum, the altcoins are planning a long-term trend reversal with increasing investors’ confidence. In this recovering market, the FIL price trend aims to overcome the bearish influence.
With a positive cycle in Filecoin, will the bullish trend in the FIL price surpass the overhead resistance to reach $10? As the buyers resurface, is it the best time to buy the Filecoin before the breakout? Read our FIL price prediction NOW to find out.
Buyers Challenge The Deathcross
With a $3.37 billion market cap, the Filecoin price trend has been sideways over the past few weeks. The contracting volatility and the sideways shift after a 50% bearish fall led to a bearish pennant pattern.
Currently, the FIL price shows a bullish comeback in the pennant pattern, teasing a breakout rally for a trend reversal. The overnight jump challenges the overhead resistance trendline and the 50D EMA.
Currently, the FIL price trades at $6.026 following the 6.80% jump within 48 hours. However, the intraday pullback of 0.89% warns of a bearish reversal from the trendline.
Technical Indicators:
RSI: The daily RSI line shows a bullish divergence and crosses above the halfway line.
EMA: The death cross in the 50D and 200D EMA leads to a bearish trajectory and acts as the dynamic resistance.
Will The FIL Price Cross $10?
As per the Fibonacci levels, the FIL price shows an upside move ready to challenge the 61.80% level. With the broader market recovery, the Filecoin bulls anticipate a breakout rally in the coming days.
With a breakout, the Filecoin token price could reach the 50% Fibonacci level at the $7.331 mark, with a potential 21% jump. Optimistically, the uptrend could reach the 23.60% Fib level at $9.524. Conversely, a dump under the support trendline could test the $5 mark.
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