Apecoin was trading close to a two-month high on Monday, despite crypto prices mainly being in the red to start the week. Global crypto markets are currently down around 2% as of writing. Despite this, filecoin continued its own surge, with prices of the token up nearly 70% in the last seven days.
Filecoin (FIL) was once again a notable mover in crypto, as prices of the token rose for a seventh consecutive session.
Monday saw the token hit an intraday high of $11.24, which is its highest level since May 11, when prices were trading above $11.50.
Overall, FIL is currently trading nearly 70% higher than at the same point last week, when prices of the token were at a floor of $5.10.
The rally commenced at this support point, with bullish pressure intensifying as the days and week progressed.
This led to the 14-day RSI (relative strength index) tracking at a peak of 83, which is its highest point since March 2021.
Earlier gains in FIL have now eased as a result of prices being overbought, and following a collision close to a resistance point of $11.25.
FIL/USD is trading at $8.88 as of writing.
In addition to FIL, apecoin (APE) was also in the green during Monday’s session, with prices hovering near a two-month high.
APE/USD hit a high of $7.26 in today’s session, which comes less than a day after the token was trading at $6.70.
Today’s move saw the token trade marginally below $7.30, which is its highest point since the end of May.
However, following a slight breakout above a resistance level of $7.15, bullish pressure eased, with the price now trading under $7.00.
Looking deeper into the current daily chart on APE, you can see that the relative strength index is currently at 64.28, which is near a ceiling of 65.
Should this momentum continue to rise, then we might see bulls attempt to recapture a higher resistance point of $9.30.
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Could apecoin reach this resistance in August? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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