The recent bear cycle from the $27 resistance tumbled the FIL price by 32%. The altcoin hit $16.7 bottom support, undermining the late march rally. If the coin price sustains above the mentioned support, the FIL price will rechallenge the $27 resistance.
Key points:
- The flattish 50-day SMA reflects a range-bound rally.
- The FIL price rebounded from the $19.67 support.
- The intraday trading volume in the FIL is $999 Billion, indicating a 128% gain.
Source- Tradingview
The FIL/USDT pair has been resonating between the $27 and $16.8 levels for nearly three months. However, during the April’s first week, the uncertainty spread across the crypto market prevented the recovery from breaching the $27 overhead resistance. The resulting reversal dumped the coin price to the $16.8 support zone.
On April 16th, the FIL price experienced a significant inflow that pumped the altcoin by 16%. As a result, the altcoin currently trades at the $20.52 mark, with an intraday loss of 5.36%.
For FIL holders: the $16.8 is a crucial accumulation zone that provides an excellent bottom entry opportunity for long traders.
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Furthermore, a bullish breakout and closing above the $27 mark will give the first sign of recovery, which will lead the FIL price above $33.8 resistance.
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Alternatively, the $16.8 support fallout could sink the altcoin to $10 psychological support.
Technical indicator
Bollinger band– the lower band of the indicator, supports a bullish reversal from the $16.7 support. Furthermore, the extreme bands of the indicator aligned with the price action range provide an additional for a range breakout trade.
RSI– A failed attempt of the RSI slope to enter the bullish territory indicates a negative sentiment amongst market participants.
- Resistance levels- $22.5, and $27.3
- Support levels- $16.78 and $10
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