Despite the cryptocurrency market recording minor price fluctuations of its top tokens, FIL price has added over 25% to portfolios in the last 24 hours, making it one of the best gainers in the industry.
FIL coin price traded in a closed range between $4.665 and $4.916, after which the price lost momentum and the coin recorded a downward trend. The price then traded in a closed range between $4.415 and $4.665 for a short period of time. During this period, the token faced constant price fluctuations.
As the market gained momentum, the price regained strength and surged more than 24% over the next week before being rejected at $5.482. Afterwards, the price traded under bearish influence and leveled out all gains.
After trading between $4.665 and $4.916 for a short period of time, Filecoin price gained momentum again, with the price breaking out of several resistance levels and surging by more than 25%. Since then, the price has lost momentum and is trading under a bearish influence.
The technical indicator MACD is showing a decline on the histogram, indicating that buying pressure in the market is decreasing. Moreover, the average shows a bearish curve, suggesting a possible trend reversal soon.
Will FIL price reach $6 soon?
If the market holds the price above the support level of $5.482, it will regain momentum and prepare to test the resistance level of $5.863. Additionally, if FIL price maintains this level, it will attempt to test the upper resistance level of $6.195 in the coming days.
Conversely, if a trend reversal occurs, the price will lose momentum and move lower to test the $5.226 support level. Moreover, if the bears continue to dominate the market, the downside will increase further and prepare to test the lower support level of $4.916 this month.