Filecoin was one of the worst-hit coins from the previous day’s decline, dropping by almost 10%. However, it is in the process of reclaiming lost levels.
Nonetheless, the coin lost a critical mark on Monday and is facing notable rejections there at the time of writing. The coin opened the previous session at $2.42 and retraced after a slight increase, dropping to a low of $2.14 before rebounding.
The $2.35 mark has served as a strong support in recent times. However, the asset dropped below the mark as the bulls failed to defend it. FIL is currently facing notable selling pressure at this level. The 4-hour chart details the extent of the selling pressure, suggesting it was significant, as this is the third candle around the mark.
Nonetheless, the chart suggests that the asset will break above the mark. The MACD on this scale displays a bullish divergence, indicating that the coin is likely to continue its uptrend. Adding to the positive readings is the relative strength index. The metric recovered after its previous slip below 30 on Monday.
Filecoin Eyes a 20% Surge
The 1-day chart shows that Filecoin surged to a high of $2.75 a few weeks ago. It has dropped by over 15% from the high but hints at reclaiming it. It is worth noting that the asset has increased by over 7% in the last 20 hours, suggesting a return of bullish sentiment to the market.
The relative strength is also rising as a result of the current surge in buying pressure. However, the bollinger bands indicate a basis for a 20% surge in the coming days.
Filecoin broke below the lower band on Monday, an event that mostly means the end of the downward price movement. The latest price indicates that the trend of surging after slipping below the lower line holds, and the altcoin is billed for further increases.
Nonetheless, the bollinger bands span between $2.25 and $2.73. Previous price movements reveal that a surge to the upper band is almost inevitable. It is also worth noting that the bulls’ appetite won’t stop at the price; they will continue the uptrend until an attempt at $3.
Aside from Filecoin, another asset poised for a significant move is Quant. The coin is up by almost 5% as buyback continues, erasing Monday’s losses. However, its current trajectory suggests that it is heading for its previous high at $112.
Quant to Retest $120
While current prices reveal that the coin is grappling with notable selling pressure at $106, indicators are flipping bullish. The relative strength index is rising as buying pressure increases.
However, the moving average convergence divergence (MACD) shows the 12- and 26-day EMAs converging. The move is significant as the last time the altcoin had a bullish convergence and divergence, it registered massive gains.
Previous price movements indicate that the coin gained a whopping 40% after the previous divergence. A repeat of this trend will see the asset surge as high as $150.
However, current prices suggest that such a massive surge may be far-fetched. Nonetheless, the coin will look to flip bollinger’s middle band at $109 and surge to retest the upper band at $116. Flipping this key mark will guarantee a surge above $120.
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