Filecoin’s native cryptocurrency, FIL, has experienced a substantial price increase over the past 24 hours. According to data from CoinGecko, an authoritative source for cryptoasset data, FIL rose 16.47% in value within the past day, increasing its price to $4.73.
FIL is the native digital token of the decentralized Filecoin network, an open-source cloud storage protocol designed for easy data storage and retrieval. FIL began the month trading at $4.693 but then declined 34% to $3.10 by June 10. However, FIL has steadily recovered over the past few weeks, gaining more than 52% since its June low. FIL’s price was relatively stable in late June, hovering around $4.
FIL’s bullish momentum resumed at the start of July, with the token soaring more than 20% so far this month. Most of this price increase occurred within the past 24 hours, allowing FIL to recover the price level it held in early June.
According to CoinGecko, FIL currently trades at $4.73 with a 24-hour trading volume of over $530 million, a 434% increase from the previous day. FIL’s recent price rally has also boosted its market capitalization to more than $2 billion.
It is unclear how long FIL’s current price rally will last, especially as the daily Relative Strength Index (RSI) indicator approaches overbought levels. The RSI measures an asset’s momentum and oversold or overbought conditions. When the RSI enters the oversold zone, it signals the asset’s price may be losing momentum and due for a reversal.
FIL also faces resistance at $4.8, according to its daily price chart. If FIL breaks through this level, its bullish run could continue. However, if FIL fails to surpass $4.8, its price could fall to support at $2.941. Meanwhile, FIL’s 200-day exponential moving average also acts as dynamic resistance, limiting upward movement as seen in the chart below.
FIL’s bullish run may stall unless its price moves above this level.
Overall, while FIL has seen a strong short-term price increase, its longer-term outlook remains uncertain given the potential for its bullish momentum to slow or reverse. Investors should closely monitor FIL’s technical indicators and price levels to determine if its rally is likely to continue or fade.