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Filecoin (FIL) may break resistance at $175

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Filecoin (FIL) has been amidst market corrections since the end of March when it established its all-time high at $237. The cryptocurrency has had upside pullbacks ever since but none as effective to completely lift it out of the market retracements. At the time of writing, Filecoin is trading hands $151 apiece. The price of the cryptocurrency has fallen by 4% in the past twenty-four hours while the trading volume has declines by 15%. Filecoin currently stands at twenty-one in the market. Filecoin crypto has had a brief period as the top ten cryptocurrencies in the market during its bullish momentum.

Filecoin (FIL) technical analysis

The market sentiment for FIL is bullish. Out of the twenty-six technical indicators, ten stand at a neutral position while nine are giving out a signal of buy with just five indications of sell. The oscillators re neutral while the moving averages are strongly bullish.

A trader has identified Filecoin to be operating in a triangular formation. FIL crypto had begun forming the triangle since April. The trader is waiting for a break out confirmation from the formation in order to validate the target price set for Filecoin. Per the trader the price level of $175 is a strong resistance level for FIL crypto and the next price target. The resistance level has been firmed through the historical price action of FIL coin. If FIL crypto is able to break out of the triangle, then it can be expected to reach towards $175.

What is Filecoin (FIL)?

Filecoin is a decentralized storage platform utilizing the blockchain technology. Cloud storage platforms like Amazon have been facing problems because of centralization. The decentralization of Filecoin provides numerous benefits over centralized cloud storages like better security and efficiency.

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