- Filecoin price has started a recovery and is up 8% in the past 24 hours.
- FIL must overcome two key resistances at $ 100.18 and $ 117.70 to achieve the goal.
- Should the bears close below the September 7th low of $ 70.33, it would invalidate the bullish thesis.
The Filecoin course was one of the altcoins that experienced a sudden slump earlier this week. However, like many other cryptocurrencies, FIL is on the mend and shows that a massive upswing is just around the corner.
Filecoin course is aiming for a new high
The Filecoin price fell 25% between September 6th and 7th, undoing the gains it had made since August 31st. While the decline was bearish for the time being, altcoins appear to be on the up again.
If buying pressure continues, investors can expect Filecoin price to hit the resistance level of $ 100.18 after rising 10%. If this hurdle is overcome, FIL can gain another 17% before it approaches the cap of $ 117.77.
There is a high chance the Filecoin bulls will bite into this barrier due to the presence of the September 5th high. However, overcoming this resistance barrier would bring FIL on the final leg of its journey to the $ 135.62 mark.
This move from its current position to the above mentioned level would represent an increase of around 50%.
FIL / USDT 1-day chart
While things appear to be improving for the Filecoin course and other altcoins, market participants need to keep a close eye on immediate resistance levels. Failure to break these hurdles indicates the presence of sellers and weak buying pressure.
Such signs could suggest that the bears have more to offer. Should FIL hit a swing low below September 7th at $ 70.33, that would be the end of the bullish view outlined above. That move could trigger an 8% downturn that retests the $ 65.21 support.