Filecoin (FIL) spikes 150% to break above $200

Filecoin sees a new all-time high of $221 after surging over 150% this past week

Filecoin (FIL) price has surged by more than 45% in 24 hours and more than 150% in a week. The rally has seen the cryptocurrency break above $200 for the first time.

According to CoinMarketCap, FIL/USD reached a new all-time high of $221, breaking into the top ten cryptocurrencies by market cap.

The file storage cryptocurrency has even flipped major coins like ChainLink and Litecoin. A market cap of $13.5 billion at the time of writing puts Filecoin in the 9th spot.

Filecoin is, however, facing some sell-off pressure, likely from traders keen on locking in profits above $200. Profit booking has seen prices dip about 3% from the intraday peak.

FIL/USD was trading around $215 at the time of writing, with bulls fighting to keep the upside momentum seen over the past week intact.

Filecoin price outlook

FIL/USD is making higher highs on the 4-hour chart, with three consecutive green candles taking its price from lows of $180 to an all-time high of $221.

The upper tail on the last 4-hour candle shows buyers have been able to purchase the dip that threatened to send FIL/USD lower. Furthermore, there is a bullish trend line forming on the chart, with bulls currently trying to keep prices above the line to maintain the upside advantage.

The 4-hour RSI continues to rise in the overbought region, while the MACD remains bullish to suggest short term advantage is with the bulls. If price continues on an upward trajectory, buyers could eye highs of $250 and $275.

On the downside, profit booking could see FIL/USD drop below the trend line and retreat to initial support at $186. Further declines could bring the horizontal support level at $133 into play, with the 50 SMA a critical zone at $127.