SNEAK PEEK:
- Bulls end bear dominance after finding support at $7.74.
- According to recent research, the bull’s influence in FIL is growing.
- Despite resistance, bullish dominance in the FIL market remains.
Following 24 hours of bear dominance, buyers regained control of the Filecoin (FIL) market as prices found support at the day’s low of $7.74. The FIL price has risen to a new intraday high of $9.14 as bullish momentum returns. But, bullish power has now recovered, and the FIL price is currently $8.85, a 5.84% increase.
Both market capitalization and 24-hour trading volume spiked as a result of this recent reversal in the market’s direction, rising to $3,461,090,345 and $1,110,330,845 from their previous levels. With investors clamoring to get their hands on Filecoin (FIL), the market value and trading volume of the currency have skyrocketed.
In the 2-hour price chart, a golden cross emerges in the FIL market, where the 10-day moving average has lately moved above the 50-day moving average. The 10-day MA is now at 8.341, while the 50-day MA is at 8.243, indicating a bullish crossover. This golden cross suggests the possibility of long-term rising momentum in the FIL market, as optimistic investors often regard this crossing as a chance to benefit from a sustained upward trend.
As the price action is above both MAs, there is an indication that investors are optimistic about the FIL market’s future performance, and there is significant momentum for additional expansion generated by bullish sentiment.
At a value of 0.125, the MACD’s trajectory toward the north and above its signal line reinforces the bullishness of the golden cross since higher readings suggest a more significant possibility of continuing the increase. Furthermore, this MACD movement indicates that purchasing pressure is building, implying that the FIL market will continue to rise.
Investors should expect a continuous climb in the FIL market as buyers grow more enthusiastic and bullish sentiment continues to take hold as the histogram moves into the positive region.
The bullish crossover emerges on the 24-hour price chart, where the 10-day MA is at 6.989, and the lower band is at 5.188. This movement implies that the bullish confluence has just transpired, and FIL may start a period of value appreciation. This anticipation is because when the 10-day MA crosses above the lower range, it indicates that buying pressure is increasing, and investors are getting more positive on FIL.
Once the price action advances above both MAs, a green candlestick forms, indicating that buying pressure has strengthened and FIL is starting to see a spike in demand due to the bullish crossing. Moreover, when the candlesticks grow greener, and the volume continues to climb, the rise in demand is underlined.
At a value of 0.904, the MACD trend is above its signal line, indicating that the bullish crossing and the trend are still in place. This move means that FIL’s overall momentum is still positive, with room for growth. However, when the histogram bars expand in the positive zone and the MACD reading stays high, it is apparent that there is an increasing amount of purchasing pressure in the market.
Bulls must maintain resistance and push prices to new highs in the short term for bullishness to progress in the FIL market.
Disclaimer: In good faith, we disclose our thoughts and opinions in our price analysis, as well as all the facts we give. Each reader is responsible for his or her own investigation. Reader discretion is advised before taking any action.
