{"id":540960,"date":"2023-07-04T04:00:01","date_gmt":"2023-07-04T04:00:01","guid":{"rendered":"https:\/\/wncen.com\/?p=540960"},"modified":"2023-07-03T22:51:56","modified_gmt":"2023-07-03T22:51:56","slug":"filecoin-fil-continues-recovery-gains-16-in-a-single-day","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/filecoin\/filecoin-fil-continues-recovery-gains-16-in-a-single-day\/","title":{"rendered":"Filecoin (FIL) Continues Recovery, Gains 16% In A Single Day"},"content":{"rendered":"
Filecoin (FIL) made a positive start in July. The cryptocurrency has been experiencing a substantial price increase over the past 24 hours. According to CoinGecko data<\/a>, FIL has increased in value by 16.47% in the past day, propelling its price to $4.73.\u00a0<\/span><\/p>\n FIL is the native token of the decentralized Filecoin network, an open-source cloud storage protocol designed for easy data storage and retrieval.<\/span><\/p>\n The FIL price started the month trading at $4.693. The token’s value dipped after touching the $5 price level, losing as much as 34% before June 10.<\/p>\n However, the FIL price has steadily risen since this sharp decline, gaining more than 52% in the past few weeks. It is worth noting that Filecoin moved sideways towards the end of June, with the token’s price hovering around $4.<\/span><\/p>\n That said, FIL appears to have resumed its bullish course, having soared more than 20% since the beginning of July. Most of this price increase is due to today’s spike, which has pushed Filecoin to reclaim its price level seen in early June.<\/p>\n As of this writing, Filecoin (FIL) changes hands at $4.73, according to data from CoinGecko. The cryptocurrency has a 24-hour trading volume of over $530 million, representing a 434% surge in the past day.<\/span><\/p>\n The recent price upswing of Filecoin (FIL) has also positively impacted its market capitalization, with a market cap of more than $2 billion USD.<\/span><\/p>\n It remains to be seen how long this current price rally will last, especially as the daily Relative Strength Index (RSI) nears the overbought zone. The RSI is a momentum indicator that tracks a token’s oversold and overbought levels. When the RSI enters the oversold region, it signals that the token’s price is losing momentum, and a reversal might be on the horizon.<\/p>\n Additionally, Filecoin is at the key resistance level of $4.8 on the daily timeframe. <\/span>If FIL breaks this threshold, the token is expected to continue its bullish run, leading to further price appreciation. <\/span>On the flip side, if FIL fails to break the $4.8 resistance level, we could see the coin fall to the $2.941 support level.\u00a0\u00a0<\/span><\/p>\n Meanwhile, the 200 EMA (Exponential Moving Average) also acts as a dynamic resistance for the Filecoin price, posing a barrier to upward movement, as seen on the chart below. Hence, the bullish run may not continue until the <\/span>price of FIL moves above the 200 EMA.\u00a0<\/span><\/strong><\/p>\n <\/p>\nFilecoin In June – <\/span>Price Action<\/span><\/h2>\n
What’s Next For FIL?<\/span><\/h2>\n
FILUSD at the $4.8 resistance zone | Source: FILUSD chart from TradingView<\/a><\/pre>\n