The altcoin market appeared mixed as most tokens eased after the massive buying pressure during October’s first week. Most assets saw corrections as Bitcoin failed to maintain uptrends past $55K. While writing this content, Solana leads the top 10 cryptocurrencies after gaining 2.6% in 24 hours.
Meanwhile, the alt space witnessed mixed actions, the likes of Filecoin, CELER, and Shiba Inu disassociating themselves from the broader market movements. These alternative tokens continue to experience capital inflows, Filecoin staying 10% higher than its yesterday close. The daily price chart indicates that an upward channel contributed to Fliceoin’s price advance.
If the alt breaks out from its current level, it will rally to $90 before targeting its 6 September upswings at $120.3. However, market players should expect amplified bearish cases at some point.
Filecoin 4-Hr Chart
Similar to most assets in the crypto spectrum, Filecoin lost a significant amount of its price during September sessions. Keep in mind that the crypto market witnessed minor flash crashes over the past month. The market downbeat had Filecoin dropping to $51 from $120.3, translating to a 60% plummet. The token has been recovering gradually since then.
FIL saw its candlesticks oscillating inside an upward channel in the past fourteen days, recording a false breakout on 1 October. For now, bulls have conquered the initial obstacles at $66 – $76. Meanwhile, the four-hour 200 Simple Moving Average depicts bullish actions. That shows the possibility of an upside break out.
A close beyond the 23 August peaks of $82.5 might lead to a breakout, confirming another 9 to 22% surge. Bears require a price close beneath the support at $76 and 4hr 200 Simple Moving Average to cancel this narrative. That way, FIL will form a higher low around the bottom trend-line.
Now What?
Analysts expect the Awesome Oscillator and the MACD to catalyze buying momentum as the indicators sit well beyond their half-lines. However, the overbought RSI condition warranted a short-term reversal. Also, the index formed a brief bearish divergence, respecting FIL’s price movements.
Conclusion
Filecoin has few chances to record an immediate breakout past its ascending channel. However, if the altcoin maintains high pressure in the upcoming sessions, it might see a 9 – 12% upswing. Meanwhile, the overbought and bearish divergence RSI means short-term obstacles. If sellers overtake the FIL network, the crypto will record a higher low.
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