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Charted: Filecoin (FIL) Rally Takes Breather, Key Uptrend Support at $60 Intact

Crypto 2020/10/16 09:48 by Aayush Jindal

Filecoin (FIL) started a strong rally above the $60.00 and $65.00 resistance levels. The price is currently correcting lower, but there is a strong support near the $60.00 level.

  • Filecoin price climbed sharply from the $52.00 support and surged over 50% against the US dollar.
  • The price tested the $75.00 resistance and recently started a downside correction.
  • There is a short-term declining channel forming with resistance near $67.00 on the 5 minute chart of the FIL/USDT pair (data source from Binance).
  • The pair could continue to move down, but the $60.00 support could act as a strong buy zone.

Filecoin (LINK) Price Rallies To $75

In the past few hours, there was a strong rise in filecoin’s price above the $60.00 resistance level. FIL price even broke the $65.00 and $70.00 resistance levels. There was a test of the $75.00 and the price settled well above the 100 simple moving average (5 minute). FIL also gained significantly against bitcoin and ETH.

A high was formed near $75.88 and the price recently started a downside correction. There was a break below the $70.00 and $68.00 support levels. The price even traded below the 50% Fib retracement level of the upward move from the $52.53 low to $75.88 high.

FIL tested the main $60.00 support level. It also remained well bid above the 61.8% Fib retracement level of the upward move from the $52.53 low to $75.88 high.

Filecoin (LINK) Price

Source: FILUSDT on TradingView.com

It seems like there is a short-term declining channel forming with resistance near $67.00 on the 5 minute chart of the FIL/USDT pair. The pair is currently rising and it is approaching the channel resistance and $66.50.

A successful break above the $67.00 resistance level could restart the rally and the price might rise sharply towards the $75.00 level. An intermediate resistance could be near the $70.00 level.

Key Uptrend Support

If filecoin’s price fails to clear the $66.50 and $67.00 resistance levels, it could move down further. A downside break below the $61.00 and $60.00 support levels might increase the risk of a sharp decline.

The next major support is near the $58.00 level, below which the price might revisit the main support near the $52.50 zone.

Technical Indicators

5 minute MACD – The MACD for FIL/USDT is still in the bullish zone.

5 minute RSI (Relative Strength Index) – The RSI for FIL/USDT is correcting lower towards the 50 level.

Major Support Levels – $64.00, $61.50 and $60.00.

Major Resistance Levels – $66.50, $67.00 and $70.00.

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