The post Filecoin price prediction – Why FIL hitting $10 soon is NOT impossible appeared on BitcoinEthereumNews.com.

Filecoin’s monthly chart pointed to $10 EMA as a bullish target FIL registered weekly gains of 20.08%, while trading above the 50-week SMA Filecoin’s price surged significantly this month, with its value climbing by over 68.3%. By doing so, FIL even recovered nearly half of its losses from it seven-month decline.  With a significant gap between its monthly and weekly moving averages at approximately $5 and $10, respectively, AMBCrypto analyzed whether this momentum could drive the altcoin towards its next moving average. Will FIL sustain its momentum on the charts? Filecoin, at the time of writing, was flashing strong bullish momentum on the charts, with its price climbing above key resistance levels. On the weekly chart, for instance, FIL was trading at $6.14 – Significantly above its 50-week exponential moving average of $4.97. In fact, this indicated a breakout from a prolonged downtrend. The aforementioned breakout has resulted in gains of over 20.08% over the past week – A sign of growing buying pressure. The next key resistance lies near the 100-week EMA at $7.44. This means that there is room for further upward movement on the charts.  On the other hand, on the monthly chart, FIL exhibited a broader trend reversal with a press time price of $6.14 and gains of 68.3%. Source: TradingView The gap between the monthly moving averages highlights significant upside. The 50-month EMA seems to be positioned at $10.89, creating a target zone for a rally if bullish momentum persists. Historically, prices tend to test the next moving average level once a breakout occurs, making the $10 zone a likely target. Similarly, the $5-level is emerging as a critical support zone for both weekly and monthly timeframes.  If FIL maintains closes above this area, it would solidify the bullish trend and set the stage for a…

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Filed under: News - @ December 1, 2024 1:04 am