Filecoin Rally Stops As Key Uptrend Support At $60 Remains Intact

Filecoin rally stopped as the key uptrend support remained at the $60 level intact. FIL started a strong rally above this level but the price corrected lower but there is strong support close to the $60 so let’s find out more in the latest crypto news.

Filecoin price climbed from the $52.00 support and surged over 50% against the US dollar as it tested the $75 resistance and started a downside correction. There’s a short-term declining channel forming with the resistance close to the $67 level on the 5-minute charts for the FIL/USDT pair. The pair will continue to move lower but the $60.00 support which could act as a strong buy zone.

Over the past few hours, there was a strong Filecoin rally and an increase in the price above the $60 resistance level and FIL price broke the $65 and $70 resistance levels. There was also a test of the $75.00 and the price settled well above the 100 simple moving average so the fIL also gained a lot against BTC and ETH. A new high was formed near the $75 and the price started a downside correction as there was a break below the $70 support levels. The price even traded below the 50% fib retracement level from the upward movement at the $52.5 low to the $75.88 high.

FIL tested the main $60 support level and it remained well bid above the 61.8% fib retracement level of the upward movement from the $52.23 low to the $75.88 high. It seems like there a short-term declining channel that was forming with resistance near the $67.00 on the 5-minute charts of the pair. The pair is rising and it is approaching to the channel resistance at $66.50. The success break above the $67.00 resistance level, could restart the rally and the price could increase to the $75.00.

If Litecoin’s price fails to clear the $66.50 level it could move down further. A downside break below the $61.00 and the $60.00 support levels that could increase the risk of sharp decline with the next major support is near the $58.00 level below which the price could revisit the main support close to the $52.20 zone. The MACD for FIL/USD is still in the bullish zone while the 5-minute RSI is correcting lower towards the 50 levels. The major support levels include $64, $61.50, and $60.00 while the major resistance levels are set at $66.50 and $67.00, and $70.00.