Filecoin (FIL), the native token of the decentralized Filecoin network, has experienced a significant price increase in the past 24 hours. CoinGecko data reveals that FIL’s value has risen by 16.47%, pushing its price to $4.73.
At the start of July, FIL was trading at $4.693. The token fell after reaching the $5 mark, experiencing a 34% loss before June 10. However, FIL has been steadily recovering since then, with a gain of over 52% in recent weeks. Towards the end of June, Filecoin’s price remained relatively stable, hovering around $4.
Recently, FIL has resumed its bullish trend, surging more than 20% since the beginning of July. Today’s significant price increase has allowed Filecoin to reclaim its price level from early June.
Filecoin (FIL) is currently priced at $4.73, with a 24-hour trading volume exceeding $530 million, indicating a 434% surge in the past day. This price upswing has positively impacted Filecoin’s market capitalization, surpassing USD 2 billion.
The sustainability of this price rally remains to be seen, particularly as the daily Relative Strength Index (RSI) approaches the overbought zone. The RSI is a momentum indicator that tracks the oversold and overbought levels of a token. When the RSI enters the oversold region, it suggests a loss of momentum in the token’s price, potentially indicating a reversal.
Furthermore, Filecoin is currently at a crucial resistance level of $4.8 on the daily timeframe. If FIL breaks this threshold, it will continue its bullish run and experience further price appreciation. However, if FIL fails to surpass the $4.8 resistance level, the coin could drop to the $2.941 support level.
Moreover, the 200-day Exponential Moving Average (EMA) acts as a dynamic resistance to Filecoin’s price and a barrier to upward movement. Therefore, the bullish trend may not persist until the FIL price moves above the 200 EMA.
Investors and traders should closely monitor Filecoin’s price movements and key technical levels to make informed decisions, as the cryptocurrency market remains dynamic and subject to fluctuations.