The Filecoin market witnessed an upward price recovery of over 16% today, continuing the bullish move observed yesterday. Given the current state of the market, price action appears poised to continue toward nearby targets at the very least. Let’s take a closer look below.
FIL Statistics
Current Price: $2.140
Market Capitalization: $1.55B
Circulating Supply: 706.96M
Total Supply: 1.95B
CoinMarketCap Rank: 52
Filecoin Sees a Sharp Upward Rebound
The FIL/USDT market has registered a sustained upward retracement from its all-time low at the $1.300 price level. The latest daily candle remains significantly bullish, positioned well above the 9-day Exponential Moving Average (EMA) line.
This candle shows an upper shadow due to slight downward pressure from sellers; however, as of the time of writing, it retains most of the gains achieved in the current session.
The Stochastic Relative Strength Index (SRSI) lines continue to rise sharply following an upside crossover just below the 50 threshold, which supports ongoing bullish momentum in the market.
FIL Tests the $2.200 Level
On the 4-hour chart, the Filecoin market recently tested resistance around $2.200, where it faced a downward rejection. The latest candle is red, suggesting short-term selling pressure.
The candle’s morphology resembles a spinning top, indicating market indecision and an ongoing tussle between buyers and sellers. Still, price action remains in bullish territory above the 9-day EMA.
Meanwhile, the SRSI indicator lines are hovering around the 100 mark in the overbought zone. The lines are merged, signaling potential short-term exhaustion. Consequently, the market may experience a brief pullback or consolidation phase before possibly retesting the $2.250 price level soon.
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