Filecoin Trades in Bullish Pattern as Bears Try to Reverse Trend

• Filecoin trades in a bullish trend currently.
• Bears try to bite but the bulls are stronger.
• Indicators show a further bullish trend will continue in the short term.

As the Christmas spirit sets in, bullish control has taken control of the Filecoin (FIL) market today, adding to the day’s strong trend. Just a few negative spikes could be seen on the Filecoin price chart, but they were sufficient to drive prices down to $2.9, where they eventually found support from the bulls, who are trying to keep the bears in control. Bulls had gained control at the time of writing, raising the price of FIL to $2.95.

The market capitalization of Filecoin increased by 0.46% to $1,036,056,428 and its 24-hour trading volume increased by 63.31% to $68,804,241 while sustaining such imposing heights.

The market is stable, as seen by the linear movement of the upper (2.98) and lower (2.91) Bollinger Bands, which suggests that selling pressure is being countered by buying pressure and may increase bullish pressure. As the price approaches the upper range, the upward trend is anticipated to intensify, indicating that the bulls will maintain control in the near term.

Bulls anticipate a protracted upswing because the market is still in a secure position. Given that the SRSI is far below the overbought level at 30.26, this is a suitable opportunity for investors to stake on FIL.

The market is neither oversold nor overbought, according to the RSI reading for the price chart for Filecoin, but rather, purchasing pressure is greater than selling pressure, indicating an upward trend. Since the RSI reading is greater than 50, it is obvious that the asset’s value is rising. The RSI’s downward trend, which signals a bear market downturn if it crosses below its signal line, has increased investors’ fears, though.

When the MACD crosses over the signal line and exhibits crossover signals, it serves as a bullish continuation pattern indication. The current upward trajectory of the histogram suggests that this bullish trend will probably continue for the time being, despite the fact that the MACD line’s recent excursion into the negative zone should encourage traders to exercise caution.

If Filecoin prices can overcome the $2.99 barrier level on the four-hour chart, they might immediately soar to significantly higher heights. However, if the bulls falter, the bears might seize the initiative and force prices to settle at or below the $2.95 low set for the day.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.