APE Hovers Near 2-Month High, FIL Up Nearly 70% Last Week – Market Updates Bitcoin News

APE Hovers Near 2-Month High, FIL Up Nearly 70% Last Week – Market Updates Bitcoin News
APE Hovers Near 2-Month High, FIL Up Nearly 70% Last Week – Market Updates Bitcoin News

Apecoin traded near two-month highs on Monday, despite crypto prices being mostly in the red to start the week. Global crypto markets are currently down around 2% at the time of writing. Despite this, filecoin continued its own rise, with prices of the token up nearly 70% in the past seven days.

Filecoin (FILE)

Filecoin (FIL) was once again a notable mover in crypto, as prices of the token rose for a seventh consecutive session.

On Monday, the token saw an intraday high of $11.24, which is the highest level since May 11, when prices traded above $11.50.

Overall, FIL is currently trading almost 70% higher than at the same time last week, when prices of the token were at a floor of $5.10.

Biggest moves: APE hovers near 2-month high, FIL up nearly 70% last week
FIL/USD – Daily chart

The rally started at this support point, with bullish pressure intensifying as the days and week progressed.

This led the 14-day RSI (Relative Strength Index) tracking to a peak of 83, which is the highest point since March 2021.

Earlier gains in FIL have now faded as prices became overbought and after a crash near a resistance point of $11.25.

FIL/USD is trading at $8.88 at the time of writing.

Apecoin (APE)

In addition to FIL, apecoin (APE) was also in the green during Monday’s session, with prices near two-month highs.

APE/USD hit a high of $7.26 in today’s session, which comes less than a day after the token traded at $6.70.

Today’s move saw the token trade marginally below $7.30, its highest point since late May.

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Biggest moves: APE hovers near 2-month high, FIL up nearly 70% last week
APE/USD – Daily chart

However, after a small breakout above a resistance level of $7.15, the bullish pressure eased and the price is now trading below $7.00.

Looking deeper into the current daily chart on the APE, you can see that the relative strength index is currently at 64.28, which is close to a ceiling of 65.

Should this momentum continue to rise, we could see bulls attempt to recapture a higher resistance point at $9.30.

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Can apecoin reach this resistance in August? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, having worked as a Broker Director, Retail Educator and Market Commentator in Crypto, Stocks and FX.




Image credit: Shutterstock, Pixabay, Wiki Commons, photo_gonzo / Shutterstock.com

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