Post-correction rally encourages FIL buyers to overcome the $11 barriers. Should you consider being bullish in this recovering market? Key Technical Points: The FIL price currently trades at $9.31 with an intraday gain of 8.27% 20% discount on FIL price poured more buyers into the market. With a market cap of 2.32 billion, the intraday trading volume of Filecoin has increased by 70% to reach $754 million. Past Performance of FIL Amid the past month’s uncertainty in the crypto market for a potential bottom, the FIL/USDT pair is under the influence of a descending trendline. However, on July 28th, the altcoin gave a decisive breakout from the trendline resistance, which released the trapped bullish momentum. The post-retest rally marked a record high of $11.24, registering a 117.8% growth. Source – Tradingview FIL Technical Analysis Earlier this week, the FIL price witnessed a minor correction in response to the profit booking from short-term traders. This pullback tumbled the altcoin by 20.8% and tested the $8 psychological level. However, the bullish reversal has surged the price by 13.3% in two days. Furthermore, the rising 50-day SMA indicates the buyers govern the short-term. Moreover, the breached 100-day gets flipped to offer bullish support. The RSI slope is nearing the overbought boundary indicating strong buying from traders. Moreover, the rising fast and slow lines in the MACD indicator indicate sustained bullish mome...
