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Cryptocurrency Filecoin’s (FIL) price has shown stable uptrend signals after recovering from the previous resistance zone. FIL coin is expected to continue its rise in the near future. The emergence of a 35% increase signal is particularly noteworthy. Let’s take a look at the weekly outlook.
Weekly Outlook for Filecoin
The price of cryptocurrency Filecoin (FIL) retreated after reaching the year’s highest level at $8.1 in the first week of 2024, bringing the price back to the previous horizontal resistance zone at $4.6. During the week of January 22-28, 2024, FIL price rebounded from this zone and formed a bullish-focused candle, indicated in green on the chart. This was a positive signal as it showed that buyers were stepping in at the breakout level.
This uptrend signal was reinforced by the cryptocurrency FIL forming a bullish engulfing pattern at the spot indicated by the green ellipse the previous week. The weekly RSI rose from the 50 levels, creating a bullish divergence, which often leads to the continuation of the uptrend.
As indicated on the chart, the cryptocurrency FIL price may soon rise to the annual high resistance level of $8.1. This level represents a 35.53% increase from the current price.
End of Short-Term Correction
The daily chart shows that the cryptocurrency FIL price has risen above a minor horizontal support zone at $5.3 and confirmed it as support on February 12th. This indicates that the correction from the year’s highest level has ended and FIL is in another phase of ascent.
The daily RSI is above 50 and trending upwards, indicating that the bulls are in control of the market. Therefore, FIL price could rise to the nearest horizontal resistance zone at $6.5 in the coming days.
Cryptocurrency FIL’s most likely outlook for the coming days suggests that the price will continue to rise in the near future. The immediate target is $6.5, with an upward aim towards the $8.1 level. If the cryptocurrency FIL price falls below the $5.3 support zone in the daily timeframe, the bullish perspective will be invalidated.
