Filecoin Inches Closer to $10, Is It Too Late To Buy In?

  1. Filecoin is having a spectacular rally of 82% in the last 7 days.
  2. The daily chart is showing the possibility of a Golden Cross.
  3. FIL may retrace since it is already overbought, according to its Relative Strength Index.

A number of altcoins are now stealing the spotlight from Bitcoin (BTC) heading into the end of February. Polygon (MATIC), Aptos (APT), and Ethereum (ETH) are the usual suspects. However, none of these are performing as spectacularly as Filecoin (FIL) in the last 7 days.

Filecoin is having a dizzying weekly rally of 82% from $5 to $9.31, at the time of writing. 

FIL/USDT 1-day chart (source: TradingView)

As seen in the chart above, FIL had an unexpected trading activity on February 17 following continuous buildup since the last few days of 2022. At that time, FIL was on a massive decline and it hit the bottom at $2.5 per token. Since then, FIL has been gaining price steadily with very few minor bumps.

FIL is also about to display a Golden Cross, which is a bullish crossover of the 50-day and 200-day moving averages. If FIL prints the Golden Cross, then there is a high possibility that it will breach the $10 ceiling soon.

However, there is a possibility that FIL will retrace since it is already overbought, according to its Relative Strength Index (RSI) at 80. The last time that FIL hit this RSI, it was about to hit $5 and it had to wait a week before doing so.

Those who don’t have a FIL position might be tempted to buy in. However, as stated above, FIL may suffer a retracement to the $7-$8 range. If the total crypto market performs steadily well despite FUDs, FIL may actually hit $10 soon.

Conversely, if Filecoin’s Layer 1 launch does not meet the hype brought about by its coin price, there is a possibility that people will exit their position.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.