Filecoin (FIL) Continues To Shine With 45% Gains, Can It Test $10?
23 Février 2023 - 05:30PM
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According to CoinMarketCap, the cumulative crypto market
capitalization surged by 1.24% over the past 24 hours. Its current
value sits at $1.11 trillion. Notably, Bitcoin and Ethereum show
24-hour price trends upward. While BTC gained 0.37% at $24,271.19,
ETH hovers around $1,665.22 after reclaiming by 1.25%. Several
altcoins have also recorded some gains, although most are in red.
However, Filecoin has proven outstanding with its weekly price
gain. Its 7-day price gain revealed a surge of over 45% in value.
Related Reading: This Little-Known Altcoin Shoots Up 180% In Single
Week After Series Of Updates Even though FIL is trading at $7.87,
indicating a drop of 3.85% over the past 24 hours, investors wonder
if the token can test the $10 level in the coming days. Forces
Driving FIL’s 7 days Price Gains FIL is the native token of the
Filecoin decentralized storage network. The protocol provides a
reliable and secure data storage option for investors within the
DeFi ecosystem. The price trend for Filecoin has been fluctuating
over the years. A closer look at FIL’s historical data shows that
the token hovered around the $4 region between November 10 and
December 15, 2022. But FIL dipped toward the $3 level and further
to the $2 level from December 16 last year as the pressure within
the crypto industry grew from the sudden implosion of the FTX
exchange. However, FIL started an upward move in early 2023, with
the token closing at $3.11 on January 1, 2023. From January 14, FIL
climbed into the $4 region and maintained a progressive bullish
trend in February as well. Its 30-day and 60-day price change is
more than 45% and 80%, respectively. Filecoin boasts a market cap
of $3.13 billion and ranks as the 24th top crypto asset per
CoinMarketCap. Following its recent price performance, investors’
interest seems to be growing. The 24-hour trading volume is
currently around $835.5 million, with FIL’s market dominance at
0.28%. Analyzing the recent price growth for Filecoin, the crypto
asset may hit the $10 region due to some of its functionalities.
Filecoin supports the DeFi system by allowing files to be hosted on
its hard drives. It also rewards miners with FIL tokens for
providing storage. Some recent activities in the network now
seemingly sustaining its price include the FVM (Filecoin Virtual
Machine) launch, stated to be the largest upgrade since the mainnet
launch. Also, the Filecoin community has been bubbling with
activities as they await the FVM launch. Notably, the network
completed FVM hackathon as it prepared for d-day. According
to the Twitter post, it was a very successful adventure for
developers. FIL Price Prediction-Will It Hit $10 Soon?
Filecoin is trading in the red today, forming a third consecutive
red candle on the daily price chart. The asset recoiled from its
previous gains in the past week. However, it is still trading above
its 50-day Simple Moving Average (SMA) and 200-day SMA, which is a
bullish signal in the short and long term. Also, the Relative
Strength Index (RSI) is at 68.61, close to the overbought region of
70. This bullish signal indicates a possible trend reversal in the
coming days. FIL Moving Average Convergence/Divergence (MACD) is
above its signal line and reflects pressure from the bulls to
resume the rally. The support levels are $5.93, $6.77, and $7.41;
the resistance levels are $8.88, $9.72, and $10.35. If the $7.41
support holds, it may trigger a trend reversal to the upside. FIL
may return to the $8.88 level in the coming days. However, a
further price increase to $10 might be in the long-term for the
asset. Cryptocurrencies are volatile and can deviate from predicted
price behavior due to macros and market sentiments. Proper
research, analysis, and risk management techniques are essential
for all crypto traders. Featured image from Pixabay and chart from
TradingView.com
Filecoin (COIN:FILUSD)
Graphique Historique de l'Action
De Mai 2023 à Juin 2023
Filecoin (COIN:FILUSD)
Graphique Historique de l'Action
De Juin 2022 à Juin 2023