- Filecoin price is up over 60% in February with an impressive track record of higher highs and higher lows.
- FIL could extend gains by 22% to $10.0000 if the price overcomes the supply zone between $8.0670 and $8.5360.
- A rejection from the supply barrier could send the altcoin below the 50% retracement level at $6.3050, invalidating the bullish thesis.
Filecoin (FIL) price is trading with a bullish bias, making another bold attempt with the $10.00 target in sight after two previous attempts. However, the altcoin faces a strong opposition from a supplier barrier that will determine the next directional bias.
Also Read: Solana integrates with Filecoin to boost scalability, FIL price gains over 7%
Filecoin is an outlier with double-digit gains after Solana integration
Filecoin price is up nearly 15%, second only to Hedera Hashgraph (HBAR) in gains among the crypto top 20. For Filecoin, the surge comes after the network integrated with Solana, in a collaboration intended to boost scalability and store block history. The network is also powering multiple meaningful deployments, including scaling with Interplanetary Consensus (IPC), towards shaping the future of decentralized storage.
Filecoin News 83 has arrived!
— Filecoin (@Filecoin) February 21, 2024
Check out the highlights:
✨Filecoin collaborating with @solana to store block history
5 Filecoin bounties at @ethereumdenver’s #BUIDLWEEK
️The schedule for #FILDevSummitv3 in Denver is now live
Read it for yourself:https://t.co/RJVpqPD3BI
It builds atop Filecoin’s development goals, doubling down on enhancing accessibility and promoting demand, elements that have seen the network witness a remarkable surge in active storage deals.
In 2023, the #Filecoin Network witnessed a remarkable surge in active storage deals – what was the driving force behind this surge?
— Filecoin (@Filecoin) February 22, 2024
1️⃣ Enhanced accessibility:
Developments in platforms like https://t.co/7S0J71qKVe, @NFTdotStorage, and @Web3Storage made data storage more… pic.twitter.com/R5y9LLrCvQ
With tailwinds coming from these events, among others, Filecoin price could extend the gains, with multiple technical indicators still flashing bullish.
Filecoin price outlook as FIL network doubles down on integrations
Filecoin price is confronting resistance due to the supply zone between $8.0670 and $8.5360. A supply barrier is an area where aggressive selling is expected. If FIL manages to overcome this order block, the price could extend the climb to the $10.00 psychological level, around 22% above current levels.
The Relative Strength Index (RSI) is northbound despite its position above 70, suggesting momentum is still rising. The Moving Average Convergence Divergence (MACD) is also moving above its signal line (orange band), with its histogram bars as well as those of the Awesome Oscillator (AO) flashing green with large volumes in positive territory. These features favor the upside.
To confirm the continuation of the uptrend, Filecoin price must record a candlestick close above the midline of the supply zone at $8.3060 on the daily timeframe. Such a move would set the pace for the altcoin to clear the $9.5000 range high, before a possible extension to the forecasted $10.0000 target.
FIL/USDT 1-day chart
On the flipside, a rejection from the supply zone could see Filecoin price drop, moving towards the $7.0000 psychological level. In a dire case, FIL could fall to the 50% retracement level at $6.3050, below which the bullish thesis would be invalidated.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.