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May 17, 2024 by Ammar Raza
Filecoin (FIL) is a well-known cryptocurrency that recently underwent a remarkable value increase, which attracted the interest of market watchers. The excitement surrounding the rise has solicited the attention of analysts, who are giving optimistic predictions that the price of FIL will still increase significantly.
At press time, FIL was trading at $5.81, with a 24-hour good trading volume of $421.90 million and a market capitalization of $3.21 billion. Notably, over the past 24 hours, the FIL price surged by 8.19%, speaking to the considerable uptick in investor interest and market activity.
Bullish Sentiment Propels FileCoin Toward $15
Crypto analyst World Of Charts has expressed a bullish sentiment regarding the price trajectory of Filecoin. According to their assessment, the healthy correction FIL has undergone is likely to end. Indicating that the falling wedge breakout seems to be already confirmed and points towards a reversal in price trend.
World Of Charts believes Filecoin will bounce back from the prevailing levels, with targets placed at moving to $15 in the coming weeks. This optimistic view, however, points to quickly growing conviction in the capability of Filecoin to rally and probably hit higher price targets shortly.
FileCoin has managed to buck the prevailing downward trend over the medium to long term, indicating a potential slowdown in its decline. As it approaches the very critical support level of 5.50 points, market dynamics, indeed at this point, give a chance for a positive reaction if this works to hold off further decline.
On the contrary, any breach of 5.50 points would trigger a negative sentiment. In the past, FileCoin has shown that it trades with high volumes when at price peaks and trades with low volume at price troughs. This shows strength in the price.
The RSI curve is, in the same manner, keeping a slow upward trajectory, likely to allow an early recovery of the possible price uptrend. All these indicators show resilience in FileCoin against market fluctuations, with early signals of a possible move to the upside in its price trajectory.
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