• Filecoin price has sliced through the 61.8% Fibonacci retracement level at $159.02.
  • This move confirms a strong presence of buyers that could propel FIL by 15% to $193.98.
  • A breakdown of the $145.48 support barrier will signal the start of a new downtrend.

Filecoin price displays a sense of calm before the sudden burst of bullish momentum sends to flying.

Filecoin price confirms start of new uptrend

Filecoin price shows that the bullish momentum has overtaken the selling pressure, which has resulted in a 23% upswing. This move has shattered the 61.8% Fibonacci retracement level at $159.02, indicating that more gains are on the horizon.

If the buyers keep piling up the bid orders, Filecoin price will roughly ascend 17% to test the 78.6% Fibonacci retracement level at $193.98.

Investors need to keep a close eye on $188.43, where the upswing might slow down or halt abruptly.

If the holders do not book profits here but instead add to their positions, Filecoin price might surge an additional 12% to $218.03.

FIL/USDT 6-hour chart

FIL/USDT 6-hour chart

While a retest of the 61.8% Fibonacci level is plausible, a breakdown of it will question the bullish momentum. Under these circumstances, market participants need to be wary of a reversal.

A decisive 6-hour candlestick close below $145.48 will invalidate the bullish thesis and trigger a 4% downswing to the support at $139.89.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

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