Despite the cryptocurrency market recording minor price action from the top tokens, FIL price has added over 25% to its portfolio within the past 24 hours, making it one of the top gainers of the day in the industry.
The FIL coin price traded in a closed range between $4.665 and $4.916, following which the price lost momentum and the coin recorded a breakdown. After this, the price traded in a closed range between $4.415 and $4.665 for a brief period. During this time, the token faced constant price fluctuations.
As the market gained momentum, the price regained power and jumped over 24% within the next week, following which it faced rejection at $5.482. After this, the price traded under a bearish influence and leveled all its gains.
The Filecoin price then traded between $4.665 and $4.916 for a short period, after which the bulls regained momentum, and the price broke out of multiple resistance levels and jumped over 25% in value. Following this, the price lost momentum and has been trading under a bearish influence.
The technical indicator, MACD, displays a decline in the histogram, indicating a decline in the buying pressure in the market. Moreover, the averages show a bearish curve, suggesting the possibility of a trend reversal soon.
Will FIL Price Hit $6 Soon?
If the market holds the price above the support level of $5.482, it will regain momentum and prepare to test its resistance level of $5.863. Further, if the FIL price maintains that level, it will attempt to test its upper resistance level of $6.195 in the coming days.
Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its support level of $5.226. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $4.916 this month.
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