The cryptocurrency market has kicked off Q2 on a positive note after a historically bearish Q1. EOS has shown a strong rally with an 18% surge, while Filecoin hints at the potential to follow its path.
EOS Breakthrough: Trend Reversal
On the daily chart, EOS successfully broke out of a falling wedge pattern on March 18, surpassing its key downtrend resistance at $0.51. The major bullish momentum came after EOS cleared both the 50-day and 200-day MA, reaching the current price level of $0.70.
Filecoin Follows EOS
Similar to EOS, Filecoin also broke out of a falling wedge pattern on March 15, crossing its key resistance trendline at $2.87. After market corrections, FIL has rebounded to $2.91, approaching the key resistance at the 50-day MA and the $3.65 resistance zone - a level EOS successfully crossed.
Final Thoughts
EOS has taken the lead by breaking through critical resistance levels, confirming its bullish momentum. Filecoin is still testing key areas, but if it follows a similar pattern, a major breakout is possible in the coming weeks.
Traders should watch if Filecoin can reclaim key moving averages, as that could trigger a significant rally similar to EOS.
