Filecoin (FIL), the decentralized storage network’s native token has experienced a notable surge following its listing on Bithumb, South Korea’s leading cryptocurrency exchange.
The listing has sparked a bullish momentum that could potentially push FIL towards the $10 mark, with various indicators and market dynamics supporting the upward trajectory.
Bithumb listing causes an immediate 12% FIL price surge
The listing on Bithumb has had an immediate and profound impact on Filecoin’s price. Within 24 hours of the announcement, FIL surged by 12%, reaching a price of $6.28 from a low of $5.52.
The listing on Bithumb has broadened FIL’s accessibility, stimulating demand in one of the most active crypto markets, South Korea.
Notably, FIL’s trading volume has seen an extraordinary increase, spiking by 185% to over $542 million, with the futures market also witnessing a 200% rise in trading volume to $712 million.
The open interest in FIL futures has also climbed by 27% according to data from Coinglass, indicating a robust confidence in its future value.
The surge in futures trading and open interest, primarily led by exchanges like Binance, points to a broader acceptance and confidence in Filecoin’s long-term value proposition.
This jump in price and on-chain metrics not only reflects FIL’s market enthusiasm but also positions Filecoin as one of the best-performing cryptocurrencies as the week kicks off.
Anticipated launch of Filecoin Fast Finality (F3) fuels Filecoin’s optimism
The optimism isn’t solely based on Bithumb’s listing but also on significant developments within Filecoin’s ecosystem.
The anticipated launch of Filecoin Fast Finality (F3) promises to revolutionize the network’s efficiency by reducing transaction finalization times from 7.5 hours to mere minutes. This upgrade could enhance the network’s appeal for real-time applications, potentially driving further adoption and, consequently, the price of FIL.
Furthermore, Filecoin’s leadership in the Decentralized Physical Infrastructure Network (DePIN) sector, as highlighted by Messari, underscores its growing utility and relevance in the blockchain space, with storage utilization rates increasing and new partnerships forming to expand its ecosystem.
Technical analysis signals a possible $10 run
From a technical perspective, Filecoin (FIL) is showing strong signals for further growth.
After bouncing off the 200-day moving average on the 4-hour chart, the token’s current trading at $6.06 suggests increasing buying interest, despite a slight pullback from today’s high.
While, the Relative Strength Index (RSI) signals overbought conditions, hinting at possible corrections, the overall sentiment remains bullish, with support levels at $5.50 and around the 200 EMA.
Key resistance target levels are at $6.50 and $7.00, where breaking these could potentially lead to a 20% gain from the current price.
Market analysts like CW eyes a medium-term target of $9.65 before aiming for $10 or beyond.
$FIL is retesting after breaking through the major resistance line.
The rally will start again soon.
The next bus stop is $6.5 where there is a sell wall.
The target price is still $9.65.
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However, while technical indicators, fundamental advancements like the F3 upgrade, and increased market activity show bullish momentum, investors should remain vigilant due to the volatile nature of cryptocurrency markets.
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