FIL price shows a bullish reversal rally within a descending triangle pattern ready to surpass the resistance trendline. Key technical points: The FIL market price has appreciated 6.88% over the past 24 hours. The price action shows a high likelihood of a descending triangle breakout. The 24-hour trading volume of Filecoin is $187 Million, indicating a hike of 14%. Past Performance of FIL The FIL price chart showcases a downtrend under the influence of a resistance trendline leading to a descending triangle pattern. The bearish pattern accounts for a 45% downfall to the $4.98 mark. The supporting base of the triangle pattern pushes the price higher back to the resistance trendline with a jump in trading volume. The reversal inflates the market value by 25%, increasing the likelihood of a bullish breakout. Source- Tradingview FIL Technical Analysis FIL price action bullish candle formation with no significant higher price rejection and sustains above the $6 mark. Hence, traders can find a bullish entry spot if the daily candle closes above the resistance trendline. The DMI indicator suggests an increased likelihood of a crossover between bullish and bearish in the DI lines as the bearish spread shrinks. Furthermore, the ADX line indicates a weakening in the bearish direction, which points to the likelihood of trend reversal. The RSI indicator indicates an upward trend higher than its 14-day SMA (yellow) and the halfway line. Th...
