FIL Technical Analysis: Trendline Breakout Rally Reaches $7

The FIL price shows a bullish breakout of a resistance trendline resulting in a jump to $7. Will this uptrend sustain to reach the $9 mark? Key Technical Points: The FIL prices jumped by 17.72% in the last 24 hours. The price action of the trendline breakout rally is ready to reach the $7 mark. The 24-hour trading volume of Filecoin is $529 million, indicating a hike of 54%. Past Performance of FIL As mentioned in our previous analysis, the FIL price action breaks the long-coming resistance trend line as the overall market conditions improve after reversing from the $5 mark. With the morning star pattern at the $5 mark, the bullish reversal breaks the resistance trendline and the 50-day average line to reach the $7 mark. The bullish reversal accounts for a price jump of 36% in the last week and forms a substantial bullish engulfing candle with the 18% today. Source – Tradingview FIL Technical Analysis The bullish trend momentum increases with the breakout rally reaching the $7 mark. Moreover, the increase in intraday trading volume supports the bullish breakout rally. Thus, increasing the likelihood of an uptrend continuation above $7. The bull run exceeds the 50-day average line and approaches the 100-day SMA as the next uptrend target at $8. The phenomenal increase in market value displays an increase in the underlying bullishness. It is evident by the reversal in the daily RSI slope reaching the 70% boundary. The MACD indic...