FIL Technical Analysis: Failed Bearish Pattern Teases Trend Reversal

FIL coin price shows a failed head and shoulder pattern with a reversal from $18, indicating a potential trend reversal that may surpass $25. Key technical points: The EMAs maintain a bearish alignment in the daily chart The RSI slope shows a bullish divergence The 24-hour trading volume in the Filecoin token is $73.05 Million, indicating a 130% rise. Past Performance of FIL The 50-day EMA provides a constant dynamic barrier to the FIL coin price and helps the downtrend continuation over the past few months. The downfall recently broke the $26 mark and fell below $20 to support $18. However, the bears managed to pull ahead and shoulder pattern with the neckline at $18. Nonetheless, the buyers actively accumulating the dip at $18 propelled higher prices with long-tail formations. Source-Tradingview FIL Technical Analysis The FIL coin price action shows lower price rejection below $18 and is en-route to surpass the $20 mark. Therefore, the chances of a bullish continuation to reach the $25 mark increases with the increasing trend momentum. The sudden reversal in the Filecoin coin price may shortly approach the dynamic resistance of 50-day EMA. Moreover, the 100 and 200-day EMAs maintain a falling trend with a bearish alignment that will provide different bearish influences if the prices surpass the 50-day EMA. The MACD indicator shows the fast and slow lines undermining the recent bearish crossover by regaining the bullish align...