• Filecoin (FIL) has seen a nearly 10% jump in the last 24 hours.
• FIL has traded between $5.02 and $5.76 in the last 24 hours, with a market capitalization of more than $2 billion.
• The technical indicators suggest the bullish trend is weakening, with the possibility of FIL dropping lower if the bullish thesis is invalidated.
The cryptocurrency market has seen a healthy increase in the prices of altcoins over the past three weeks, and Filecoin (FIL) is no exception. In the last 24 hours, FIL has reported impressive trading volumes of more than $490 million, resulting in a nearly 10% jump in its price. At the time of writing, FIL was trading at $5.52, according to CoinGecko.
FIL has a market capitalization of more than $2 billion, making it the 34th largest cryptocurrency. Despite the increased buying pressure, there are still concerns over whether FIL will sustain the uptrend and possibly make a 10x gain. To answer this question, it is important to analyze the technical indicators of the coin.
The technical indicators show that the bullish trend is weakening. The MACD line is nearly at par with the signal line after a downtrend, indicating that bears are coming back to the market. These indicators show a likelihood of FIL dropping lower. If the bullish thesis is invalidated, FIL will drop to the immediate support at $5.49. If FIL drops below $5.30, it could erase the gains made in the last 24 hours and plunge to lower levels.
In conclusion, it is difficult to predict the future performance of FIL. An increase in trading volumes could push the coin higher, but it is also possible that the recent gains will not be sustained. Investors should tread cautiously and keep an eye on the technical indicators before making any investment decisions.