The Altcoin market witnessed some profit-taking and assisted FIL price to rebound from the $73.53 mark. Filecoin grinds higher on fresh thrust and is set to register new highs at the $100 level amidst increasing upside pressure.
*FIL fluctuated in a range below $89 earlier
*FIL extended its climb to highs of $95.87 on Thursday
*Filecoin uptrend buoyed by recent Chainlink’s integration
After fluctuating in a range below $89 during the first couple of days of the week, the FIL/USD pair capitalized on the broad cryptocurrency market weakness on Wednesday and extended its climb to highs of $95.87 on Thursday. Filecoin Price action this week so far has proven to be significant on a technical basis as its uptrend appears to have been buoyed by recent Chainlink’s integration. In the meantime, cracking the intermediate resistance at $96 would bolster FIL massively toward the crucial hurdle at $100. Ranking 19th largest, Filecoin market valuation stands at $5.7 billion with a 24-hour trading volume of $3.4 billion.
LINK Integration Connects Filecoin With Ethereum
On Mar. 24, Decentralized storage network Filecoin announced its integration with Chainlink. This integration creates the opportunity to connect with Ethereum while also automating Filecoin storage functions and their accessibility on other blockchains. Developers will have access to Web 3.0 infrastructure thanks to Chainlink oracles for off-chain computation and Filecoin’s decentralized data storage. Filecoin is among the five tokens recently listed by Grayscale Investments.
FIL Daily Chart: Bullish
Filecoin is doddering at $91.19 amid the bulls’ relentless push for gains to higher price levels. However, the barrier at $96 might hold bulls from placing aggressive bets and cap the upside. On Mar. 16, Filecoin incurred considerable losses upon reaching highs of $96.37 confirming this area as resistance. If the bulls manage a decisive close above the $96 level, a fresh thrust might shove FIL to register a new high at $100.
The RSI remains above the mid reading at 50, which is the bullish side of the oscillator. Conversely, if massive sell orders are triggered, FIL will be forced to retest the support at $85 (formerly resistance) and $73.28 where the bulls may give the upswing another chance. A painstaking endeavor may come for bulls if the support at $73.28 is lost. Support awaits at $62 (Mar. 16 low) followed by $56.
FIL 4-Hour Chart: Bullish
The FIL/USD pair trades well above the 50 and 200 Moving Averages while the Relative Strength Index on the four-hour chart remains above the mid 50 reading. Initial resistance remains at the daily high of $95.87, followed by $90. This immediate resistance must come down for further upside gains.
If the $90 holds firmly as short-term support, bulls will begin to focus on gains toward $100. Support is highlighted by the Moving Average (MA) 50 on the 4-hour chart at $82. Staying above this area would prevent FIL from dropping further. However, if this support is lost, the coin may dive massively to seek support around $52 located at the MA 200.
Resistance Levels: $105, $100, $96
Support Levels: $86, $80, $75
Image Credit: Tradingview