The once-popular altcoin from the 2021 bull run, FIL, seems to have broken its prolonged silence. Despite being far from its peak price level of $237, recent developments in the cryptocurrency have impacted its price. However, there are concerns about whether the price increase will continue. What levels should investors in the altcoin Filecoin watch?
Altcoin Filecoin Kicks Off a New Rally
The price of altcoin Filecoin (FIL) is drawing attention in the cryptocurrency market with its impressive performance in February. FIL’s price has gained significant momentum with over a 60% increase, fluctuating between high and low levels. This upward trend seems to be making a bold move towards the $10.00 target. However, Filecoin (FIL) faces a significant resistance. This supply zone lies between $8.0670 and $8.5360.
If the price of altcoin Filecoin overcomes this supply zone, it could reach the $10.0000 level with a 22% increase. However, there is a point of caution at this stage. If the supply barrier is rejected, the altcoin could fall to $6.3050, below the 50% retracement level, potentially jeopardizing the uptrend.
What Triggered the Price Increase?
Altcoin Filecoin’s rise is supported by collaborations and integrations aimed at increasing scalability and storing block history. Integrations with Solana and initiatives like Interplanetary Consensus (IPC) are boosting the network’s reliability and scalability, thus increasing demand.
Technical analysis indicates that there are many positive indicators ahead for altcoin FIL. Indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest that the uptrend continues and the momentum is still strong. However, the price needs to close with a candle above the $8.3060 level. This would confirm a strengthening uptrend for Filecoin.
Investors in the cryptocurrency should closely monitor Filecoin’s price performance. Overcoming the aforementioned supply zone could strengthen the uptrend, while rejection at this barrier could pose a downside risk for FIL. With significant developments, altcoin Filecoin continues to be one of the strong contenders. As of writing, we see the altcoin FIL trading at the $8.42 level.
