- Andrew Kang tweeted a snapshot of the last time a complex pullback occurred on FIL’s charts.
- The altcoin has risen more than 16% over the last 24 hours and now trades at $8.80 as a result.
- Technical indicators on FIL’s chart suggest that the upward move will continue in the next 24-48 hours.
The Twitter user, Andrew Kang (@Rewkan), tweeted a snapshot of the last time a complex pullback chart pattern appeared on Filecoin’s chart. In the tweet, Kang included a snapshot of the complex pullback occurrence and concluded the caption of the tweet with “Manifestation”.
The snapshot showed that the last time there was a complex pullback present on Filecoin’s chart the altcoin’s price surged more than 600%.
Currently, the price of Filecoin (FIL) is up more than 16% over the last 24 hours according to CoinMarketCap. As a result, the price of FIL stands at $8.80 at press time.
In addition to strengthening against the U.S. Dollar, FIL’s price has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 15.02% and 15.18% respectively.
Daily chart for FIL/USDT (Source: CoinMarketCap)
The price of FIL has absolutely blown past the resistance level at around $5.858 over the last 3 days. This impulse started with an incredible 40.83% move on 17 February, 2023, which saw FIL’s price rise from a low of $5.397 to a daily high of $7.900 before closing off at $7.609. FIL’s price then retraced for the day that followed before entering into today’s 16+% move.
There is still bullish momentum present on FIL’s charts that could elevate the altcoin’s price even more in the next 24-48 hours. This bullish momentum is indicated by the 9-day EMA line which is positioned above the 20-day EMA line, as well as the daily RSI line which is sloped positively towards overbought territory and is positioned above the daily RSI SMA line.
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