Popular cryptocurrency Filecoin (FIL) is facing a significant resistance point in its upside potential.
Filecoin, which is well known to investors who have been in the crypto market for a long time, has begun to shake off its long-standing bear psychology. Filecoin managed to attract intense attention, especially on social media platforms. The interest in Filecoin also affected the FIL price positively.
FIL managed to rise above the bottom region of $3.2 by taking advantage of the bullish atmosphere created by BTC. FIL, which is currently traded in the region close to 5 dollars, has an uptrend potential. However, FIL is facing a significant resistance point in its rise.
Filecoin (FIL) chart analysis: Will the rise come?
Filecoin (FIL), which stands out in social metrics with many events, also attracts attention within the scope of project development. Filecoin managed to increase the size of its data. In a post shared on social media, the Filecoin team said, “The Filecoin ecosystem has incorporated more than 1.8 exbibytes (EiB) of data! “This is like storing the Library of Congress’s digital collection over 100 times.” He made a statement.
In addition to ecosystem development, Filecoin has also improved in terms of transactions. According to CoinMarketCap data, FIL’s trading volume in the last 24 hours reached 233 million dollars, an increase of 9 percent. FIL garnished its trading volume with an increase in market value. FIL’s market capitalization increased by more than 4 percent in the last 24 hours and reached $2.34 billion. FIL was ranked the 30th top crypto project by market cap.
Looking at the FIL chart, the price is near a key resistance level at $4,989. FIL may rise up to $5,650 if it surpasses this region and persists. FIL, which is very close to forming a significant price structure, must overcome the critical $4,989 resistance.
FIL could target $6.45 if it clears $4,989 and $5,650, two important resistances. This zone is seen as the price peak for FIL from April. If this region is exceeded, FIL will set its sights on $7.5.
On the other hand, FIL may be affected by BTC’s sensational rise being replaced by profit taking and may decline. A possible BTC drop will also affect the FIL price. At this point, FIL will look to gain strength from the major support point at $4,423. This support point stands out as the area where buyers will concentrate and want to hold the price. Losing the $4,423 support, which is difficult to break, may pull the FIL price back to $4.
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