Bullish Impulse Aims at New All-Time Highs Past $237

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.

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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

FIL/USD Daily Chart

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/USD 4 Hour Chart

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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