Filecoin's (FIL) Uptrend Linked To Bitcoin's Rally
Filecoin (FIL)
Filecoin has continued its rise that began in mid-May. Since October 19, the asset has appreciated by 80%, reaching a local high of $5.65.
At present, FIL is trading between the support zone of $4.46-$4.73 and the resistance of $5.33-$5.65. Continuing the upward trend is the favored scenario for the asset. The next levels of resistance are located at $6.0 and $6.3.
Should there be a deeper correction, FIL could fall to the $4.16 level, and may also retest the support range of $3.7-$4.0. The potential for a more substantial decline in the FIL price will be directly linked to Bitcoin's performance.
Filecoin has continued its rise that began in mid-May. Since October 19, the asset has appreciated by 80%, reaching a local high of $5.65.
At present, FIL is trading between the support zone of $4.46-$4.73 and the resistance of $5.33-$5.65. Continuing the upward trend is the favored scenario for the asset. The next levels of resistance are located at $6.0 and $6.3.
Should there be a deeper correction, FIL could fall to the $4.16 level, and may also retest the support range of $3.7-$4.0. The potential for a more substantial decline in the FIL price will be directly linked to Bitcoin's performance.
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