Filcoin Price Analysis for 3rd of September: FIL/USD Smashes the $6.000000 Resistance Level

Original author: Azeez Mustapha

Following the FIL/USD dip between the 18th and 19th of August, the price had been in an almost a weeklong price consolidation under the $7.000000 price resistance level. Similar market price behaviour took place again on the 27th which brought the price below the $6.000000 resistance level. Today’s market shows strong bullish activities as buying pressure makes the price balance at around $6.50000000. After Seeing an inverted hammer candlestick pattern which formed on the 31st of August, the expectation is that a trend reversal should follow. But selling pressure was still strong enough to slow down the expected uptrend.

Filcoin Market Price Statistic:

FIL/USD price now: $6.55200000
FIL /USD market cap: $1,801,204,864
FIL /USD circulating supply: 275,083,453.00
FIL /USD total supply: 275,083,453
FIL /USD coin market ranking: #32

Key Levels

Resistance: $6.73187114, $7.00000000 $7.50148356
Support: $5.64009540, $5.30003410, $5.04946261

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Filcoin Market Price Analysis: The Indicators Point of View

As one looks at the Stochastic Relative Strength Index on the 28th of August, one would have discovered the new trend earlier. And also one would have discovered the new trend if one observed it through a shorter time frame. One of the contributing factors to the price shoot-up is that the price has been ranging in the oversold region for about two weeks due to strong bearish market momentum. That is, strong buying pressure coupled with the normal price correction from the oversold region made the price shoot up as the selling pressure weakens.

Filcoin Analysis: FIL/USD 4-Hour Chart Outlook

For the first three sessions in today’s market, bulls take control of the market. Bears are showing signs that they are not strong enough to reclaim their ground in the market. The Stochastic RSI, In this timeframe, also shows that the price is in the overbought region. However strong demand pressure can keep the price in the overbought zone for a while. One of the important things to note in this market is that the selling pressure is not as strong as before. And this makes it easy to conclude that the uptrend may continue.

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