Ethereum Classic rallies 30% despite mundane trading action in the crypto market.
Filecoin price uptrend rejected at the 50 SMA as bulls battle to secure support at $60.
Ethereum Classic and Filecoin seem to lead the recovery in the cryptocurrency market mid-this week. ETH is up by 30%, while FIL has been bolstered 10% higher in the last 24 hours.
Bitcoin bounced off the support at $34,000 on Tuesday but failed to clear resistance at $36,000. At the time of writing, the flagship cryptocurrency trades around $35,000 amid market stability. Most crypt assets are correcting from their weekly highs after losing momentum.
Ethereum Classic trades around $57 after breaking above a month-long trend line. Before the liftoff, ETC has tested support at $34.5 as bulls succumbed to the recent selling pressure in the market.
Several other resistance areas have been overcome, including the 100 Simple Moving Average (SMA) and the 200 SMA. A weekly high has been accomplished at $62 before overhead pressure started to rise.
Meanwhile, support at the 200 SMA and $54 is needed to prevent a trend correction that may wipe some of the accrued gains. Trading above $62 may catapult Ethereum Classic toward $100, thereby triggering another bull run.
ETC/USD four-hour chart
ETC/USD price chart by Tradingview
Filecoin has extended the bullish leg from the recently established support at $41 to trade a weekly high of $66. However, the 50 Simple Moving Average (SMA) resistance on the 12-hour chart stood in the way of the gains.
At the time of writing, FIL has retreated to $60 and may continue to drop in the near term. The Relative Strength Index (RSI) cements the rising bearish pressure in the market by sliding under the midline.
FIL/USD 12-hour chart
FIL/USD price chart by Tradingview
Support is expected at $55, but if it fails to hold, Filecoin may extend the bearish leg toward $40. Note that the Moving Average Convergence Divergence (MACD) indicator still has a bullish outlook, implying that the uptrend is not lost and may resume eventually.
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