• Filecoin (FIL) is bullish today, with a nearly 10% increase in the last 24 hours.
• The total crypto market capitalization is back above $1 trillion, and FIL is one of the major contributors to this recovery.
• Despite the increased buying pressure, the technical indicators show that the bullish trend is weakening.
The crypto market is back in the green, and Filecoin (FIL) is among the biggest gainers from the bull run. In the last 24 hours, FIL has surged by nearly 10%, according to CoinGecko. At the time of writing, the coin was trading at $5.52 and had a market capitalization of more than $2 billion, making it the 34th largest cryptocurrency.
The bull run has been driven by a surge in the total crypto market capitalization, which is now back above the $1 trillion mark. This is largely due to the increase in trading volumes, with FIL seeing a healthy $490 million in the last 24 hours. The coin has been trading between $5.02 and $5.76, indicating an increase in volatility.
Despite the increased buying pressure, 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. This indicates that there is 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 towards lower levels.
However, some analysts believe that FIL is still headed for a 10x gain in the near future. This is due to the fact that FIL is still in the early stages of its bull run and is yet to reach its full potential. As the coin continues to gain more traction, there is a chance that the prices could surge even higher in the coming weeks.
That being said, it is important to remember that the crypto market is highly volatile and unpredictable. Therefore, any price predictions should be made with caution and with an understanding of the risks involved. Investors should also keep an eye on the market and make sure to take profits when necessary.