The Filecoin price tilted higher today as investors focused on the strong comeback of Bitcoin and the perception that its price has bottomed. FIL rose to $49.76, which was relatively higher than yesterday’s low of $47.70. It has a market capitalization of more than $4.5 billion and is the 24th biggest coin in the world. Other altcoins like VeChain, Tron, and Theta have also jumped.
Filecoin news. The main catalyst for the resurgence of Filecoin is the strong performance by Bitcoin. After moving above $40,000 on Monday, the coin pared back some of these gains yesterday. However, those losses were shortlived as the coin’s price rebounded to above $40,000 in the overnight session. This trend will likely continue as investors anticipate a relatively dovish Federal Reserve.
The Filecoin price is also rising after the developers teamed up with Hedera Hashgraph to offer a grant to developers. Initially, the two platforms will provide grants worth about $200,000 targeting the non-fungible tokens (NFT) and smart data applications industry.
This announcement was accompanied by Filecoin’s stats that showed that more people were using its platform. For example, it now has more than 7,000 contributors in GitHub and that more than 140 organizations were building using the network. Also, the total storage powr rose to more than 8.17 EiB. So, what next for the FIL prices?
The Filecoin price has bounced back from last week’s low of $39.87 to today’s high of almost $50. The coin has moved above the 50-day and 20-day volume-weighted moving average (VWMA). It has also formed an ascending channel that is shown in black.
The Relative Strength Index (RSI) has also been on an upward trend. A closer look shows that the coin is forming an inverse head and shoulders pattern and is slightly below the 23.6% Fibonacci retracement level. Therefore, the coin will likely maintain the bullish trend as bulls target the next key resistance at $60, which is about 20% above the current level. This prediction will be invalidated if the price moves below the support at $45
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