Bullish Shield for Filecoin (FIL): Can the Bulls Sustain the 61% Rally to Reach $10?

• Filecoin (FIL) jumped 61%, climbing to $2.16.
• Trading volume has exploded by over 745%.

With the fearful sentiment lingering across the crypto market, both the red and green waves are hitting the assets. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are attempting to reclaim the recent highs, currently trading at around $102.2K and $3.3K. Among the altcoin pack, Filecoin (FIL) has registered a steady jump of over 61.41%. 

In the early hours, the bears were holding the price, trading at a low of $1.33. With the bullish shift in the FIL market, the price has risen to a high range of $2.24. The asset has tested and broken the key resistance zones between $1.35 and $2.22 to confirm the uptrend. If the bullish pressure sustains, the price movement could see additional gains.  

At the time of writing, Filecoin traded at around the $2.16 mark, with the market cap reaching $1.55 billion. Significantly, the daily trading volume has skyrocketed by over 745%, hitting the $1.34 billion range. Besides, the Coinglass data has reported that the market has experienced a liquidation of $8.45 million worth of FIL during the last 24 hours. 

Filecoin’s Momentum Builds: Can the Bulls Maintain Control?

The 4-hour technical chart of the FIL/USDT pair exhibits that the MACD line and signal line are settled above the zero line. It indicates that the overall market is bullish. As long as both lines stay above zero, the uptrend is likely to continue. 

FIL chart (Source: TradingView)

In addition, it is worth noting the money flow into the asset. The CMF value at 0.20 suggests strong buying pressure in the Filecoin market. Notably, the money is flowing into the asset, with accumulation and a bullish sentiment among traders. 

With the active bullish trading pattern, strong green candles have formed, and the price of Filecoin might climb and test the crucial resistance at $2.26. Further upside correction could trigger the golden cross to take place and push the price up to the $2.36 range. 

However, assuming the entry of bears, the asset could immediately retrace toward the nearest support at $2.06. Upon the downside pressure gaining more strength, the death cross might unfold, and likely lead the Filecoin price to a low of the $1.96 level, or even lower. 

Filecoin’s daily Relative Strength Index (RSI) is found at 82.12 implies its overbought condition. With this strong bullish momentum, it warns that the price might face a potential pullback or correction soon. Moreover, the Bull Bear Power (BBP) reading of 0.893 signals that the bulls are currently dominant in the FIL market. As the value is positive, the buying pressure outweighs the selling pressure, supporting a bullish outlook. 

Furthermore, the asset shows the signs of bullish control. For this uptrend to hold longer, the upside correction could sustain with all the potential. A slight reversal may initiate the bears to pop up, driving the price steeply down. For deeper insights into where FIL could be headed, check out our Filecoin (FIL) Price Prediction 2025, 2026-2030.

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