- FIL/USD has gained 33% within the past fourteen days.
- The gains came as the broad crypto space saw recoveries.
- Filecoin touched its all-time lows of $16 on 24 January.
Filecoin (FIL) was among the altcoins that suffered the most amid the January cryptocurrency market crash. The sharp downswings in the entire marketplace saw the alt hitting its record lows at $16.76, nearly 90% beneath its ATHs.
After the downtrends, Filecoin appears to target a bullish rally. The previous two weeks saw the coin surged roughly 33%.
FIL Signals Massive Recovery
Filecoin suffered downtrends within the past months. The altcoin could not recover as the overall marketplace registered a new peak in 2021 November. Though the massive plunge, the alt still fights for a colossal recovery.
For now, the market sees high buying pressure, and the uptrends have higher chances of persisting. On 8 February, FIL rallied higher to $26.07. However, the token saw a slight fall at this publication, changing hands at $24.92 after an 8.6% 24hr gain.
If the buying strength persists, the following massive resistance will appear at $34. After here, Filecoin might surge to $47 before exploring 2-month peaks beyond $50. Meanwhile, the market support gains more strength, increasing FIL’s rebound chances.
Filecoin registered massive upside moves within the ongoing bullishness. That way, optimistic pundits predict colossal uptrends to $100 with bulls’ persistence. Remember, Filecoin has never traded at 3-digit figures since September.
FIL Might Create a New Low
The broad crypto market sees high volatility, awaiting a persistent and colossal bullish trend. Therefore, FIL might resume its downward move to create a new low. Currently, enthusiasts are taking profits amid the uptrends, and a slight fall might trigger a sell-off across the marketplace.
A dip in Filecoin will discover the nearest support level at $19. Buyers’ failure to step in may reveal more plunged towards $16. Meanwhile, the alternative coin will print a new record low with a downside move to $15.
This low might initiate an upward action amid high market support. However, FIL will depend on crypto market sentiment for its upcoming directional bias.