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- 1 FIL crypto’s trading volume exceeded $250 million, and its price rose. As a result, we have witnessed a recent rally on the daily chart.
- 2 The FIL price has performed exceptionally on the chart in the prior week, month, and three months.
The Open Interest (OI) for Filecoin (FIL) is $374.45 million, surging by 44.12% from the previous session. The 24-hour long/short ratio is 0.9904, meaning there are more short positions than long positions. The total number of short positions opened in the last 24 hours is $5.88 Million, and long positions are $3.30 Million.
The FIL chart shows the relationship between FIL’s volume and price. Looking at the chart, we can see that both asset volume and price were high in December. It meant a significant boost of interest and activity in the market. Volumes were spiked above $300 Million, which also reflected the bullish rally of the past.
However, the price dipped from January and showed some profit-taking. The volume and price continued to rise in February, indicating increased demand and excitement about FIL prices. Trading volume exceeded $250 million, and the price rose. As a result, we have witnessed a recent rally on the daily chart.
As per the Filecoin price movement, it displays a chart progressing from $4.6 to $8, and the rally is still active. It has even shown fantastic performance on the chart in the prior week, month, and three months by 44.13%, 42.77%, and 87.64% respectively, pointing towards a stable upward movement.
Since the FIL crypto could not break the vital support and demonstrated sellers’ rejection, it also exhibited total recovery as the price showed a rallied jump from a critical support level of around $4.60 on the chart.
Will the FIL Crypto Price Make Upto $10 Mark?
At the time of publishing, the Filecoin crypto is experiencing an extreme incline of 8.40% in the last 24 hours, trading at $8.024, and has been exhibiting a strong breakout by surpassing the previous resistance. The supply has been breached in the process and per the current scenario.
After jumping over the supply zone, the price might give a thrust to another rally. Moreover, the trading volume for the last 24 hours on all trading platforms is 1.14 Billion.
The FIL crypto looks poised to continue this stunning rally above the supply area as it prepares by showing strong buying momentum to shatter the other resistance level on the daily chart and soar to new heights from the current level.
The price action in the Filecoin asset is showing bullish potential as it thrusted upward strongly from dynamic support and prevails above major 20-day and 50-day EMAs.
Therefore, if the demand continues to surge in FIL, the asset price could continue to rise exponentially from the current level. The next goal for the price is to reach $10, and in-between resistance would be $9.
Another possibility is that if the Filecoin crypto price fails to stay above the $8 supply level, it could slump below and show a strong buyer rejection in the process.
Summary
Trading volume exceeded $250 million, and the price rose. As a result, we witnessed a recent rally on the daily chart, and the open interest also showed a surge. Therefore, if the demand continues to surge in FIL, the asset price could continue to rise exponentially from the current level.
Technical Levels
Support Levels: $8
Resistance Levels: $9
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
