- Filecoin breaks above $220 for the first time in history as bulls glance toward $300.
- The MACD on the four-hour chart adds credence to the bullish outlook.
- Failing to hold above $200 may trigger sell orders as overhead pressure builds toward $120.
Filecoin has gone ballistic, swinging to new all-time highs. Over the last 24 hours, the token has accrued nearly 40% in gains to exchange hands at $220. Data by Coingecko reveals that Filecoin currently holds the eighth position in the market with a share of $13.6 billion.
Filecoin Rally Seems Unstoppable
Filecoin soared 500% in March from price levels around $35 to highs above $200. The trading on April 1 has yielded tremendously, with FIL stepping above $220. Short-term analysis shows that Litecoin is in the bulls' hands and may continue the journey to new all-time highs.
The four-hour Moving Average Convergence Divergence (MACD) brings to light a bullish outlook. This indicator moves in tandem with the asset's trend while measuring its momentum. As illustrated on the chart, the MACD line (blue) has expanded the signal line's divergence, implying that the slightest resistance path is upward.
FIL/USD Four-Hour Chart
It is worth noting that the Filecoin must secure support above $220 to hold onto the majestic upswing. Higher support will keep correction at bay while allowing bulls to focus on price levels toward $300.
The 12-hour SuperTrend Indicator reinforces the ongoing uptrend. This technical indicator identifies the general trend of an asset. A signal to long Filecoin occurred in early February and the trend has remained bullish. As long as the SuperTrend indicator stays green and below the price, Filecoin would extend the bullish leg to higher levels.
Simultaneously, the Parabolic SAR has a bullish impulse, hinting at the ongoing uptrend remaining intact. The parabolas (dots) are holding below the price, showing that buyers are in control.
FIL/USD 12-Hour Chart
Looking at the Other Side of the Picture
On the other hand, it is essential to realize that the Relative Strength Index (RSI) on the 12-hour chart is heavily oversold. This also implies that Filecoin may have reached its local top and a correction is around the corner.
Moreover, higher support, preferably above $200, must be secured to ensure market stability. A real break beyond $220 would trigger gains to higher levels. However, trading under $200 may lead to an increase in overhead pressure as correction comes into the picture for losses targeting $120.