The cryptocurrency market has stagnated without significant price fluctuations since the recent recovery. This indicates that the token is gearing up for a healthy uptrend, allowing it to accumulate profits before the next uptrend. Bitcoin, however, is maintaining similar price action, but this popular altcoin is expected to continue for a long time throughout 2024.
Filecoin (FIL) has remained volatile since the 2022 bear market and has seen significant price fluctuations independent of other major altcoins. As the price rebounded from the low point around $3, trading volume also maintained a decent level with a huge surge. FIL price surged close to 280% but failed to rise beyond the first target, triggering a reverse price movement.
Nonetheless, the altcoin appears poised to surpass its lofty goals. Moreover, as predicted by popular analysts, the upcoming bull market is expected to see a 10-fold rise, surpassing $100. Captain Pabig.
Filecoin’s weekly price chart shows a breakout from descending resistance, which upon retest turns out to be a strong support line. FIL price appears to have triggered a healthy uptrend following the retest, suggesting that the bullish trajectory has worked. Therefore, the analyst believes that FIL prices could maintain a healthy upward trend for the rest of the year and eventually reach triple digits before the end of the year.
FIL price will remain above $237 ATH during the 2021 bull run, with the token continuing to trade within the consolidation zone over the long term. To start a good bull market, the price must exceed three key target areas: $11.46, $14.52, and $15.64. A rise above this level could cause the token to face a major resistance area between $17 and $20. If the Filecoin price reaches and exceeds this level, it signals an increase in bearish leverage. By this time, the market may have become more optimistic, which could push prices higher for the remainder of the year.