Filecoin (FIL), a crypto project well known to old-timers, has achieved stability above $5 with the growth it experienced as a result of ecosystem development.
One of the newest members of the short-term bullishness in the crypto market was Filecoin (FIL). Filecoin has achieved remarkable stability these days because of its focus on the ecosystem. The project’s native token, FIL, has surged by more than 15 percent in the last 24 hours.
With its rise, FIL maintained its stability above $5. FIL, which has huge expectations behind it, has hinted at a potential upside.
Filecoin (FIL) charts and bullish signals
Filecoin (FIL) rose 17 percent during the day to above $5.6. After the pullback, FIL is trading above $5.4. Last month also the price structure of FIL was positive. Thus, with its rise during the day, FIL extended its one-month gain to more than 75 percent.
The significant growth in Filecoin was supported by several other key metrics, including transaction volume. According to available data, the total transaction volume increased by 77 percent in the last 24 hours to $405,508,100. This data highlighted that market buyers are bullish on FIL.
FIL, which hosted an increase in liquidity and transaction volume, presented a positive outlook for Filecoin. Filecoin will complete its ecosystem at the Labweek 2023 event. At the event, where several project initiatives are expected to be announced, developments in artificial intelligence and zero-knowledge proofs will be discussed.
While Filecoin focuses on growth in its blockchain and growth in its ecosystem, continued growth is expected for FIL.
Looking at the charts, $5,650 stands as a key resistance point for FIL. If this resistance point is broken, the resistance at $6,417 could be tested. However, FIL is facing heavy selling pressure at the $6,417 resistance but it may continue to rise as the market conditions remain positive. If this resistance point is also surpassed, the next resistance area for FIL will be $7,558. This area means the price level from March. Breaking the $7,558 resistance level could take FIL to the key resistance level at $9,443. $9,443 is known as an important price level from February 2023.
On the other hand, a fall in the market and negative conditions can lead to a sharp decline in FIL. FIL, which is currently rising, may test $4,975 as a support point in possible adverse market conditions. If it surpasses the $4,975 support, FIL may fall to $4,707. Strong support at $4,707 is likely to act. However, if this does not work, FIL would look to consolidate at $4,417. Therefore, the price may drop to $4,417 in the short term.