Altcoins have the potential for much larger gains and can experience exciting rallies even when the price of BTC falls. The king cryptocurrency is at $51,000 as this article is being prepared and is about to retest the $50,500 region. Investors have been stepping in during the recent declines, but the risk of a downward breakout continues.
FIL Coin Commentary
BTC‘s negative price action notwithstanding, FIL Coin has seen its highest level in the last year. Weekly chart readings indicate that the price has been suppressed by a decreasing trend line for 570 days. The resistance level that triggered the December 2022 bottom has gradually increased. The altcoin that tried to overcome the resistance twice has surpassed the horizontal resistance area and the trend line this week.
For the first time since the same period last year, the FIL Coin price has reached $8.48 and could see new highs if it maintains its momentum. The weekly RSI’s upward trend suggests the continuation of the current trend, and it is above the neutral level of 50. The RSI lingering around 70 highlights the liveliness of investor appetite.
FIL Coin Price Prediction
A popular crypto analyst known by the pseudonym ColdBloodShill believes the current rise heralds the start of a major movement. According to him, the trend is upward, and FIL Coin’s price will reach new highs. BluntzCapital also pointed to the potential of the price breaking free from the trend line.
The third major crypto analyst commenting on FIL Coin, Captain Faibik, is heralding a rally of roughly 200%. Daily chart readings and the RSI also support the optimistic analysts’ views.
For the rally to occur, the $7.6 level must remain strong as support, and the Elliot wave count indicates that the third wave of a five-wave uptrend is continuing. Accordingly, a short-term decline will complete the fourth wave, followed by the journey to a double-digit price target.
Technical readings are targeting the $10.3 resistance. If FIL Coin achieves this, it will see double-digit prices after a long break. However, closures below $7.6 could lead to a drop to $6.5.
