Filecoin (FIL) Continues Recovery, Gains 16% In A Single Day

Opeyemi Sule

1 year ago

2 mins read

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Filecoin (FIL) made a positive start in July. The cryptocurrency has been experiencing a substantial price increase over the past 24 hours. According to CoinGecko data, FIL has increased in value by 16.47% in the past day, propelling its price to $4.73.

FIL is the native token of the decentralized Filecoin network, an open-source cloud storage protocol designed for easy data storage and retrieval.

Filecoin In June – Price Action

The FIL price started the month trading at $4.693. The token’s value dipped after touching the $5 price level, losing as much as 34% before June 10.

However, the FIL price has steadily risen since this sharp decline, gaining more than 52% in the past few weeks. It is worth noting that Filecoin moved sideways towards the end of June, with the token’s price hovering around $4.

That said, FIL appears to have resumed its bullish course, having soared more than 20% since the beginning of July. Most of this price increase is due to today’s spike, which has pushed Filecoin to reclaim its price level seen in early June.

As of this writing, Filecoin (FIL) changes hands at $4.73, according to data from CoinGecko. The cryptocurrency has a 24-hour trading volume of over $530 million, representing a 434% surge in the past day.

The recent price upswing of Filecoin (FIL) has also positively impacted its market capitalization, with a market cap of more than $2 billion USD.

What’s Next For FIL?

It remains to be seen how long this current price rally will last, especially as the daily Relative Strength Index (RSI) nears the overbought zone. The RSI is a momentum indicator that tracks a token’s oversold and overbought levels. When the RSI enters the oversold region, it signals that the token’s price is losing momentum, and a reversal might be on the horizon.

Additionally, Filecoin is at the key resistance level of $4.8 on the daily timeframe. If FIL breaks this threshold, the token is expected to continue its bullish run, leading to further price appreciation. On the flip side, if FIL fails to break the $4.8 resistance level, we could see the coin fall to the $2.941 support level.

Meanwhile, the 200 EMA (Exponential Moving Average) also acts as a dynamic resistance for the Filecoin price, posing a barrier to upward movement, as seen on the chart below. Hence, the bullish run may not continue until the price of FIL moves above the 200 EMA.

FILUSD at the $4.8 resistance zone | Source: FILUSD chart from TradingView

Featured image from iStock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

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Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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