- The current FIL crypto price sustains above the $5.10 bullish demand zone.
- Technical oscillators are showing a bullish signal in the current trading phase.
- Filecoin has reflected higher liquidity on the Binance exchange in the FIL/USDT pair.
Filecoin (FIL) is an open-source blockchain protocol that aims to store humanity’s most important information. Described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), Filecoin is a peer-to-peer storage network.
Users can pay in FIL for data storage and distribution services on this platform. FIL is a native currency of this project and is primarily used in transactions. The network uses the proof of replication and proof of spacetime consensus algorithms.
Filecoin May 2024: Supply Changes, Holdings & Valuation
To date, 1.96 billion FIL tokens have been created for this project. Filecoin has released over 546 million FIL tokens in current circulation.
The current market capitalization of the circulation supply stands at $3.21 billion. FIL crypto has ranked under the top 35 most dominant cryptocurrencies across the globe.
The full diluted valuation for this project is assumed to be at $11.54 billion, which is 3-4 times greater than the current market cap. The trading volume of the crypto has reached $155.78 million in the 24-hour session, with a decline of 36.85%.
FIL tokens reflect higher liquidity in major exchanges such as Binance, Coinbase, and Bybit.
The Binance-pegged Filecoin tokens have 106,424 active holders, and the top 3 wallets collectively own 3.84 million tokens. The top 3 wallets are covering 27.84% of the circulation supply.
The number 1 wallet address has over 2.11 million Binance pegged FIL tokens, which covers 15.32%.
Price to Volume and Social Dominance Analysis
The social buzz about cryptocurrencies plays a vital role in the growth of decentralized projects and protocols. A rise of social tweets about Filecoin crypto also reflected a positive change in price and trading volume after mid-Feb 2024.
The social rise covered almost 0.35% during that time. However, social dominance has been slowly fading since March 2024, along with the trading volume and price.
Technical Analysis of the Filecoin (FIL/USD)
The bearish outlook implies below the key exponential moving averages. The current crypto price slipped below the 50-day and 200-day EMAs, indicating bearish sentiments in technical terms.
FIL crypto price has given a breakdown of the $6.99 key support level. After the breakdown, the price fell 26% to the $5.10 demand zone. In recent sessions, the price got some bullish reactions from that zone.
According to the technicals, closing the price above the $9.30 level can lead the FIL price toward the $12.49 mark. Till then, the price may trade with bearish sentiments.
Track all markets on TradingView
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The relative strength index (RSI) is showing weak bullish momentum in the FIL price. The RSI line is moving in correlation with the spot price chart, reflecting a neutral perspective.
Summary
Since March 9, 2024, the Filecoin price has been experiencing bearish sentiments. The cryptocurrency has recorded over 30% negative profitability during the monthly session. At present, the FIL token price is trading above the $5.10 demand zone.
Regarding the technicals, closing the price above the $9.30 level can lead the FIL price toward the $12.49 mark. Till then, the price may trade with bearish sentiments.
Technical Levels
- Resistance Levels: $7.72 and $9.98
- Support Levels: $4.59 and $3.46
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
The post <strong>Ready for the Bullish Action, Filecoin Crypto On Bulls Demand</strong> appeared first on The Market Periodical.