Filecoin Price Prediction as FIL Pumps Up 70% in 7 Days – Is China Buying?

cryptonews.com:

Leading decentralised storage protocol Filecoin (FIL) undertook a magnificent 75% rally over the weekend.

This marks a break to half a year of suffocative price action for the once highly-prized cloud-storage asset.

Filecoin is currently trading at $8.59 (+1.45% in the last 24 hours).

February 17 saw a huge breakout from consolidatory price action that had ranged at $5.00 - $5.50 for over a month.

As Friday evening arrived, hammering green candles started to paint across the chart. Riding high on the back of the push up to $24,500 by Bitcoin (BTC) last week.

The rally continued all weekend until it finally stalled just shy of $10 on Sunday.

This is a level not seen since August 2022 (more than 6 months ago). Reclaiming the $10 mark is a key target for FIL, which is down to single-digits, a fall from grace for a coin once trading at $237.

Localised price action over the past 24 hours is reeling. As bulls rush to gather support and consolidate the newfound gains.

Indeed, consolidation does seem to be finding legs around $8 - a minor retracement of -10% from the local top.

With price action firmly glued to the top of FIL's trading channel, sentiment seems bullish.

However, looking at the indicators challenges this theory.

The RSI 14 pushed to the extreme as it heated up during the weekend rally. Hitting a scary top of 85 - this was a clear overbought signal.

And things haven't calmed down yet. Despite the local retrace and supportive consolidation, the RSI hasn't cooled-off significantly. Still sat high at a current 76.

This is a clear bearish signal and could indicate a drop down to test the lower support trendline. The lower trendline hasn't been tested in almost an entire week.

Filecoin's MACD further solidifies this angle, with this