The crypto market has faced strong resistance over the weekend in its attempt to move to new highs. Bitcoin is yet to gain a strong foothold at $50K, while ethereum has failed to reach $4K. However, some altcoins have defied the broader bearish sentiment, and they are still making double-digit gains. Filecoin is among the best gainers in the past 24 hours, and it is currently on a major upswing.
Filecoin is trading at $93.99 at the time of writing after a 12.7% gain in 24 hours.
Filecoin Price Analysis
Filecoin is among the best gainers in the crypto market currently. The gains have enabled the coin to test the higher resistance of $96, but it was rejected at this level and slumped slightly to the current levels.
The uptrend is currently because of buyer support, given that traders are purchasing the coin despite the weakening market support. If the uptrend holds, we could see FIL headed towards the next major resistance level of $98. This is a major resistance level that if the coin manages to break out of, the next target will be $100.
On the flip side, the overall market support is weak; hence we could see new lows being created. A bearish trend at this level could see the lower support level of $90 being retested. Before the 24-hour bull rally, FIL was trading at $91, and if market bulls fail to maintain, we could see the coin retreating to these levels.
Filecoin is among the blockchains venturing into Web 3.0. Recently, Filecoin partnered with Polygon to launch an interoperable feature to allow cross-chain functionality. Polygon, a scaling solution based on Ethereum, will be working closely with Filecoin to encourage cross-platform development.
Where to Buy Filecoin
If you want to buy FIL during the current bull run, you can create a cryptocurrency exchange account on the following exchange platforms:
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You can also buy FIL from Gemini. Gemini is also another leading exchange platform. Gemini offers support to a wide range of cryptocurrencies and trading pairs. The exchange also offers competitive trading fees and commissions.
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