Alternatives to Bitcoin, known as altcoins, have shown the potential for significant gains and can surge even when Bitcoin’s price drops. Bitcoin is currently hovering around $51,000 and might retest the $50,500 level. Despite the potential for a downward breakout, investors have been actively buying during dips. FIL Coin, in particular, has recorded its highest price in the last year, despite Bitcoin’s negative performance.
Significant Breakthrough for FIL Coin
The weekly charts reveal FIL Coin breaking a 570-day downward trend line, overcoming the resistance that set the low in December 2022. This altcoin, which struggled twice to breach the resistance, has now successfully surpassed both the horizontal resistance zone and the trend line in a recent rally.
FIL Coin’s price hit $8.48, a first since the previous year, and could climb even higher with sustained momentum. The weekly Relative Strength Index (RSI) is trending upwards and maintains above the neutral 50 level, hinting at the possibility of continued growth. The RSI around 70 underscores the enthusiasm of the investment community.
Analysts Envision a Steep Ascent
Crypto analyst ColdBloodShill forecasts the start of a significant upward trend for FIL Coin, predicting new price peaks. Another analyst, BluntzCapital, anticipates the coin’s breakaway from the long prevailing trend line. Captain Faibik, echoing this sentiment, projects an approximate 200% rally for the altcoin.
Daily chart insights and RSI levels bolster the positive outlook shared by these analysts. For the anticipated rally, FIL Coin must maintain the $7.6 level as a robust support. The Elliot wave analysis suggests that the altcoin’s price is in the third wave of a five-wave upward trajectory. A minor dip could signal the fourth wave’s completion before the price targets double digits.
Technical indicators set the $10.3 resistance as the next milestone for FIL Coin. Achieving this would mark the coin’s return to double-digit prices after an extended period. Conversely, if the price falls below $7.6, the value could decrease to $6.5.