Filecoin (FIL) Surges Another 9.3%, Are The Bulls Getting Ready For More?
February 23 2024 - 2:30PM
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Filecoin (FIL) has been among the top gainers during the current
market rally. Throughout February, FIL has shown a formidable
performance fueled by the bullish momentum and its partnership with
a major blockchain. This performance has analysts and important
crypto actors predicting a potential bullish run around the corner
for the decentralized storage network’s native token. Related
Reading: Crypto Analyst Predicts 10X Move For Filecoin (FIL) To
$70, But Can It Reach ATH? Should Filecoin Investors Get Ready For
A Bull Run? Pseudonym analyst and trader Crypto Breakout
highlighted that FIL broke through a crucial resistance in the
3-day timeframe, signaling that the “bulls return with force.” The
chart shared by the analyst illustrates a downtrend pattern in
FIL’s price since 2022. Two years ago, as the chart below shows,
the token traded at $11 before facing a pullback that shredded
about 70% of the token’s value in the following months. By February
2023, the token recovered and broke through the $9 resistance level
before repeating a similar downtrend. FIL's downtrend pattern since
2022. Source: Crypto Breakout on CoinMarketCap Since 2023, the
price has remained well below this level, only breaking through the
$8 support zone once at the very beginning of 2024. Throughout
January, FIL’s price had a turbulent performance, falling around
40%. The price has picked up the crypto market uptrend, and, as the
analyst highlights, it has been gaining positive momentum. The
3-day time frame shows that FIL has been following an upward trend
that led to the token breaking through the crucial $8 support zone
this Friday. As the post suggests, this break out of the downtrend
could signal FIL’s “beginning of an epic bullish rally” and that
investors should “get ready for exciting moves ahead.” Renowned
crypto analyst Ali Martinez made a similar prediction. Earlier this
week, Martinez highlighted Filecoin moving within a parallel
channel on the 3-day chart. He suggested a successful breakthrough
from the $8.50 barrier could catapult the token’s price to $25.5.
Artur Hayes Predicts $100 As FIL Continues To Rise After the
token’s recent surge, BitMEX co-founder Arthur Hayes shared his FIL
prediction. On an X (former Twitter) post, Hayes forecasted that
FIL’s price would rally to $100, also calling the arrival of the
bull market. Welcome to the bull market. May all things AI related
levitate. $FIL = $100 Yachtzee 😘😘😘😘 pic.twitter.com/oggCeY8IGc —
Arthur Hayes (@CryptoHayes) February 23, 2024 Filecoin, a
decentralized storage network, recently integrated with Ethereum’s
rival Solana to make its blockchain history more accessible and
usable. According to the announcement, the integration is a
significant move away from centralized storage solutions, which
seek to improve reliability and scalability in the Solana
blockchain. This move has considerably fueled the ongoing upward
momentum for FIL. The token has shown a considerable performance in
recent weeks, with FIL increasing 53.9% in the last two weeks and
67.7% in 30 days. The token trades at $8.19 at writing time,
representing a 9.6% surge in 24 hours and 39.0% in the last seven
days. FIL is currently the 25th largest cryptocurrency by market
capitalization, at $4.2 billion, a 12.38% increase from yesterday.
Its trading activity also saw a recent rise, with its daily trading
volume at $895.2 million, 44% more than the day before. Related
Reading: New ATH For WIF? Analyst Thinks Dogwifhat Will Go “Turbo
Parabolic” Soon FIL performance in the 1-day chart. Source: FILUSDT
on TradingView.com Featured image from Unsplash.com, Chart from
Tradingview.com
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