Filecoin bullish momentum has been very strong of late. In the last 3 days, FIL has surged nearly 100% to claim the position of the 9th largest cryptocurrency by market capitalization.
*Filecoin made a strong bullish breakout to new all-time highs of $237
*Inflows into the Grayscale Investments’ Filecoin Trust accelerated on Thursday
*Filecoin Flips Litecoin and Chainlink as the 9th Largest Cryptocurrency
Filecoin made a strong bullish breakout to new all-time highs of $237 after a brief consolidation. FIL has made major bullish moves since mid-March. FIL/USD breakout is aiming for the break of the $240 psychological level after trading to intraday highs of $237. Filecoin extended its leg higher after inflows into the Grayscale Investments’ Filecoin Trust accelerated on Thursday. Overall, Filecoin’s short and medium-term outlooks currently appear to be positive, though caution is warranted in the near-term as there are signs of an overbought market.
Filecoin Flips Litecoin and Chainlink As the 9th Largest Cryptocurrency
Decentralized storage network Filecoin’s FIL token has entered the list of top 10 cryptocurrencies by market cap amid increased institutional demand. Filecoin has rallied by 36% over 24 hours and 154% in the last seven days as Inflows into the Grayscale Investments’ Filecoin Trust accelerated on Thursday, lifting the digital asset to fresh highs.
FIL Daily Chart: Bullish
The FIL/USD pair holds in green for the third straight day and bulls have to tighten grip after a break of pivotal barriers at $152 and $198. Filecoin advanced nearly 100% in the last three days and strong acceleration in March (up 430%) left a massive bullish candle on the monthly timeframe. FIL bull’s eye targets past the recent all-time high of $237, a break of which would open the way for an attack at a $300 psychological level.
The RSI is holding in the overbought territory which warns of a near-term correction. A shallow pullback should see a bullish bounce after a brief consolidation. In case of a deeper pullback, former pivotal barriers at $153 and $180 levels reverted to solid supports should keep the downside protected.
FIL 4-Hour Chart: Bullish
FIL continued the positive trend on Mar. 30 after the bounce-off from $125 consolidative support. An immediate continuation above the recent high of $237 should take price action towards the next targets at $250 and $300 where the move may meet resistance. There are signs that a bullish reversal may extend. But of course, a reversal is always risky as the trend could be strong enough to continue.
Price action has reached a strong support zone, which is indicating that the bears are losing steam. The immediate support to potential downside moves may hold the firm at the $180 range. Moreover, the $173 and the $125 levels could provide additional support in case of steeper losses. Price action remains in a bullish territory as long as it stays above the MA 50.
Key Levels
Resistance Levels: $243, $240, $237
Support Levels: $180, $140, $125
Image Credit: Tradingview
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