Credit: Original article published by newsbtc.

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.

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.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

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