Filecoin, Cardano & Ethereum Classic — Asian Wrap 13 July
Filecoin Price Prediction: FIL bulls at inflection point
Filecoin price seems to be at a critical point in its journey as it trades around a key support level. This barrier has prevented it from massive drawdowns during the May 19 and June 21 sell-offs. Despite a brief dip below it on June 22, FIL is holding above it, indicating buyers’ presence.
Filecoin price is currently hovering above $52.55, a support level that served as a launching pad during mid-March and prevented the altcoin from massive downswings during the recent slump.
Cardano price cannot handle the spotlight, back below $1.40 with risk building
Cardano price broke away from a bearish rising wedge pattern on June 8 with a -5.45% loss and a daily close below the 2018 high of $1.40. It was a quick reversal of fortune for ADA after finally recapturing $1.40 on July 3. As before, without a daily close above $1.40, the altcoin is vulnerable to test the 200-day SMA or the June 22 low.
From the June 22 low until July 7, Cardano price orchestrated a rebound that culminated in a bearish rising wedge pattern that successfully triggered on July 8, taking ADA below $1.40 after five consecutive days of holding the crucial level.
Ethereum Classic Price Analysis: ETC penalized by red crypto market, needs to hold $47
Ethereum Classic price is fighting for support at the 2018 high as the broader cryptocurrency complex suffers renewed selling pressure. A daily close below $46.98 targets a continuation of the weakness down to the measured move target and potentially much further if the renewed selling gains momentum. However, if ETC holds the 2018 high good outcomes lie ahead for the digital token.
From June 30 until July 6, Ethereum Classic price quietly formed a minor symmetrical triangle pattern around the Anchored VWAP from March 29 at $55.35 but below the falling 50-day SMA.