The cryptocurrency market took another step back today (September 2) as the USA and Iran exchanged more strikes in the Middle East.
Despite that, certain digital assets like Filecoin (FIL) remain in green territory and even posted double-digit increases on a daily scale. Here’s what may come next for the token.
How Much More?
FIL outperformed all top 100 cryptocurrencies today after jumping by 15% and briefly surpassing $0.80. As of this writing, it trades at around $0.77 (per CoinGecko), representing a 25% increase over the past two weeks.
It remains unclear exactly what triggered the resurgence, but according to numerous market observers, the upward move may not be over yet. X user Crypto GVR recently claimed that FIL is moving toward a zone that could be important for “the next major trend shift.”
The analyst said they are paying close attention to the $0.50-$0.70 zone as “the potential reversal area,” arguing that a strong recovery and strengthening momentum could open the door to a further push toward $2 in the long term.
The Boss also chipped in. The analyst opined that FIL is nearing a major technical decision as its descending wedge has compressed further and price is now much closer to the apex.
“The lower boundary has continued to act as support, while the upper trendline keeps pressure on the recovery. What has changed is the degree of compression. Price is spending more time near the lower part of the structure instead of expanding lower, making the wedge increasingly important,” they added.
The X user claimed that a breakout from the upper boundary would be the “first meaningful structural confirmation,” but until then “the descending wedge remains intact.”
JAVON MARKS was much more bullish. The analyst believes that if FIL continues to hold the key breakout, “sights remain on a major reversal & run,” especially given the improved condition of the crypto market lately. The X user envisioned a 1,200% jump to $2.94, followed by an explosion to $7.50 and $11.40.
“We could be right at the start of this process, right now,” they concluded.
Pullback Ahead?
It is important to note that some market participants used the recent price uptrend to lock in profits. Crypto trader Mehmet GIZIK revealed that he closed his FIL position, resulting in a $10,200 gain.
His decision isn’t illogical, given the asset’s Relative Strength Index (RSI), which briefly rose above 80 and now stands beyond 70. Such readings mean the asset has entered overbought territory and could be due for a correction. On the other hand, anything below 30 is typically viewed as a buying opportunity.
Separately, if you want to know about the market state, the recent Iran-US tension, and other hot crypto news, please check our video below.
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