Filecoin (FIL) has broken above a key technical pattern, signaling potential bullish momentum toward $1.18 according to one analyst. The token recently surpassed the neckline of a double-bottom formation on its daily chart, an event accompanied by strong volume. However, wider technical analysis shows the overall trend remains bearish, with FIL’s price having declined from $1.30 to around $0.99 since mid-February. Momentum indicators present a mixed picture, suggesting cautious optimism.
Filecoin (FIL) has broken above its double-bottom neckline on the daily chart. This breakout was backed by strong volume and a solid bullish candle.
According to the crypto analyst Crypto Pulse, this signals renewed buying momentum. It suggests the market may be ready for an upward move after weeks of consolidation.
“If FIL holds above the neckline, the path could be clear toward $1.18,” the analysis stated. The next candle showed selling pressure was absorbed by buyers.
However, data from TradingView indicates considerable downward pressure since mid-February. FIL’s price declined from $1.30 to around $0.99 during this period.
The overall trend since mid-December has been bearish. The token is trading below key exponential moving averages and the Ichimoku Cloud.
Momentum indicators show mixed signals. The Relative Strength Index (RSI) recently rose from oversold levels but remains just below 50.
The Moving Average Convergence Divergence (MACD) shows a recent bullish crossover. Its histogram also shows a positive value of 0.02281.
This indicates a potential shift in momentum. Analysts note the MACD values are near zero, signaling weak trend strength.
Traders are closely watching the $0.99 support level. Today’s daily close will provide further confirmation for the next directional move.
