STORJ, FIL & BLZ: Technical Analysis For March 23

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In Brief
  • STORJ is trading between support and resistance at $0.63 and $1.23.

  • FIL is approaching a strong support area at $63.

  • BLZ has completed a 4th wave pullback.

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Filecoin (FIL) has been decreasing since it reached an all-time high on March 17. The most likely scenario has it dropping to the $63 support level.



Storj (STORJ) is trading between long-term support and resistance at $0.63 and $1.22. 

Bluzelle (BLZ) has completed a 4th wave pullback and could increase towards a new all-time high price.



Storj (STORJ)

At the beginning of February, STORJ broke out above the $0.63 resistance area and proceeded to reach a high of $0.947.

However, it dropped sharply after generating bearish divergence in the RSI.  Nevertheless, the drop served to validate the $0.63 area as support. STORJ has been moving upwards since. 

The closest resistance area is found at $1.22. 

Since the aforementioned divergence, the RSI has been moving upwards. The Stochastic Oscillator and MACD have been doing the same. 

Therefore, it is likely that the trend is bullish, and STORJ will increase towards the $1.22 resistance area.

Highlights

  • STORJ is trading between $0.63-$1.22.
  • It has broken out from a descending resistance line.

Filecoin (FIL)

FIL has been moving upwards since Feb. 22, when it reached a low of $30.37. On March 17, it reached a new all-time high price of $97.30.

FIL has been decreasing since. Despite the drop, technical indicators are still bullish. The RSI is above 50, the MACD is positive, and the Stochastic oscillator has not made a bearish cross. 

Currently, FIL is trading right at the 0.382 Fib retracement support level, found at $71. The next support is $63, being both the 0.5 Fib retracements level and a horizontal support area.

The short-term chart support the drop towards $63.

It seems that FIL is inside an A-B-C corrective structure, currently being in the C wave. If waves A:C has a 1:1 ratio, FIL would reach a low of $63, coinciding with the previously outlined support areas.

Both the RSI and MACD are bearish, also supporting this downward movement.

The shorter-term six-hour chart supports the continuation of the upward movement. 

STORJ has broken out from a descending resistance line (dashed). After retracing, it has validated an ascending support line (solid). The latter also coincides with the 0.382 Fib retracement level.

While technical indicators do not confirm the bullish reversal, the confluence of support levels makes it likely that STORJ will bounce.

Highlights

  • FIL is trading above support at $0.63.
  • It is in the C wave of an A-B-C structure.

Bluzelle (BLZ)

BLZ has been increasing since breakout out from and re-testing the $0.26 level as support.

On March 11, it reached a high of $0.529 before beginning to decrease. The drop ended at the $0.29 level. This is both the 0.5 Fib retracement of the previous increase and a parallel channel’s support line.

Therefore, the movement potentially completed what is known as a ‘‘4th wave pullback.”

BLZ has been increasing ever since. 

If it has indeed begun wave five, BLZ will reach the next likely high near $0.72.

Highlights

  • BLZ has been decreasing since March 11.
  • It has potentially completed a fourth wave pullback.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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