Filecoin price explodes over 15% as Coinbase announces upcoming listing

Filecoin price just jumped from $29.7 to $34 as Coinbase just announced its listing.
The digital asset was trading relatively sideways before the massive price explosion.

Coinbase has just announced that Filecoin inbound transfers are available on Coinbase Pro starting Monday, December 7. Trading will begin on or after 9 AM Pacific Time (PT) Wednesday, December 9. The exchange also stated that they will be supporting more assets that meet Coinbase's standards in the near future. Filecoin will have four trading pairs including USD, BTC, ERU and GBP.

Coinbase helps Filecoin price turn the downtrend

Filecoin was trading inside a downtrend on the 4-hour chart, below the 50-SMA, the 100-SMA, and the 200-SMA. After the Coinbase announcement, Filecoin price jumped above several resistance levels and established a 4-hour uptrend.

FIL/USD 4-hour chart

The digital asset was also able to regain all three moving averages and convert them into support levels. The next price target for the bulls is all the way up at $35.31, which is the high established on November 25.

However, bulls should be careful as the RSI is on the verge of overextension on the 4-hour chart, which could indicate that a pullback is nearby. The 50-SMA at $30.16 should act as a support level and a potential price target for the bears in the short-term.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.