TA- Filecoin (FIL) Price Bounces Back On Track As Price Eyes $10

Filecoin (FIL) has recently shown significant strength against tether (USDT) as the price prepares for a rally to the $8 mark. Despite showing some strength occasionally, the price of Bitcoin (BTC) remains volatile as this has affected FIL.

Timeline of Filecoin

Filecoin price analysis shows that the FIL/USD pair has gained a tremendous value in the recent past and is currently trading at $6.44. The price action is likely to continue in the near future as the support present at $5.71 is very strong.

While long-standing projects like Filecoin (FIL) and Helium (HNT) revolutionized the world of data storage and transfer in the blockchain and crypto space, many found it tough to relate to the offerings of these projects.

Ledger, the hardware and software security company focused on crypto and Web3, recently revealed that they've integrated Filecoin into Ledger Live Desktop. Ledger explained that Filecoin is powering a “decentralized” Internet “where storage is owned and operated by its users.

For nearly three weeks, the FIL price has been wavering in a no-trading zone, following the consolidation phase of the pennant pattern. Today, the coin price shows a 2.6% jump and rechallenges the overhead trendline.

FileCoin is trying to break out as it approaches resistance according to analysis of the recent market movements. The price trend of Filecoin (FIL) reveals the construction of a flag and pole pattern, which denotes a bullish movement.

Filecoin (FIL) price action shows the formation of a flag and pole pattern that indicates a bullish movement. Filecoin price displays a robust uptrend with a bullish flag and pole pattern.

Filecoin has been recording gains even amid the retracement that has been happening in the market. The token has not only been one of the few to be in the green over the past day, but it has also seen double-digit growth during this time.

Filecoin (FIL) broke out from a descending resistance line on June 18, but accelerated its rate of increase on July 30. The post Filecoin (FIL) Price Jumps by 80% in Two Days appeared first on BeInCrypto.

Despite the bleak macroeconomic environment, sentiment in the crypto market has shifted bullish over the past few days. Filecoin appears to be benefiting from the latest resurgence.

The Filecoin (FIL) price has been under a winning streak over the past six days and has reached its current price at $10.3. This rapid rally bolstered buyers in escaping a seven-week consolidation phase below the $6.3 resistance.