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Filecoin Cruises Near Resistance, Now Attempts For A Breakout

Filecoin (FIL) price action shows the formation of a flag and pole pattern that indicates a bullish movement.

Filecoin price displays a robust uptrend with a bullish flag and pole pattern.
Four-hour time frame for Filecoin showed the formation of a symmetrical triangle pattern
Filecoin currently trades at a long-term supply range following a breach of short-term key resistance

 Currently, Filecoin price trades at a long-term supply level after successfully breaching a short-term key resistance.

Prior to the breach, FIL price has been in convergence for quite some time. With that said, the breach of the supply level has made a tremendous impact which blasted a robust bullish streak.

Filecoin Shows Robust Upward Movement

Following a robust bullish movement, FIL coin price has started consolidating once again and creating higher high as well as higher low patterns seen on a daily time frame.

According to CoinMarketCap, the Filecoin price has been highly bullish trading at $8.55 with a surge of 0.69% as of this writing.

As of press time, FIL coin price has breached the critical 50 and 100 EMAs. More so, the coin currently trades midway of the Bollinger band indicator after it failed to outpace the upper bands. More so, trading volumes for the coin have also surged following the breach.

At this point, investors are advised to keep an eye for any signs of a breach in the bullish flag and pole pattern, and then act fast.

FIL Price To Surge Once It Breaches Flag, Pole Pattern

Given a 4-hour time frame, the FIL coin price is observed to form a symmetrical triangle. The ADX curve has also spiked on a higher time frame as it moves in sync with the coin’s uptrend which hints at a rally in FILE coin price.

Judging by the daily time frame, the ADX curve is seen to have swerved past the 20 levels and shifted upwards. On 4-hour time fame, the coin is spotted currently sitting in the short-term demand zone. At this point, investors need to wait for the formation of a positive candle in the demand area.

FIL coin’s RSI is showing trading activity at the 50.41 mark. Its RSI also shows a crossover on the 50 zones. Remarkably, the FIL coin price revealed a breach seen at a robust supply zone. In the event that the coin price manages to breach the bullish flag and pole pattern, the RSI will also quickly swing upwards. RSI curve also shows that it has successfully crossed the 14 EMA which defines a short-lived bullish movement.

The Supertrend indicators are also very optimistic, especially with the breach of the critical small-term supply mark as seen on the daily time frame which also prompted the continuous rallying of coin prices.

Crypto total market cap at $1.15 trillion on the daily chart | Source: TradingView.com

Featured image from Binance Academy, Chart from TradingView.com

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