The price of Filecoin is now hovering at $52.55, a critical support level that can make or break the altcoin.
FIL might potentially rise to $66.35 and $95.43 if it bounces off this floor.
The bullish thesis will be invalidated if the $35.36 support barrier is surpassed.
The price of Filecoin appears to be at a crossroads in its journey, as it trades around a major support level. During the May 19 and June 21 sell-offs, this barrier kept it from suffering enormous losses. Despite a small slide below it on June 22, FIL continues to remain above it, showing the presence of buyers.
The price of Filecoin is now hanging above $52.55, a support level that acted as a launching pad for the altcoin in mid-March and helped it avoid large drops during the recent slump. For nearly two weeks, FIL has been challenging this barrier, signaling that investors are taking gains.
FIL will have to choose whether to bounce from this region and resume the uptrend, or slice through it and exacerbate the slump.
If Filecoin price rises to $52.55 and begins a little resurgence, a decisive daily candlestick close over $66.37 is required to confirm it. If this happens, Filecoin’s price will likely rise another 43% to the June 4 swing high of $95.43, representing an 82 percent increase from its current price of $52.62.
1-day chart of FIL/USDT
On the other hand, if the price of Filecoin falls below $52.55, it might lose 18 percent and hit another support level at $42.43. FIL bulls may be able to resume their uptrend here, despite the odds.
If the sellers break through this barrier and deliver a daily close below it, the bullish argument will be invalidated. Filecoin’s price might decrease another 14% to $30.94 in this scenario./n
