More On: fil
FIL holders who bought the cryptocurrency in the previous six weeks are likely to be dissatisfied with its performance.
However, the cryptocurrency's great performance on July 30 provided them good news and redemption from their disappointment.
For the past six weeks, FIL has been mired in a low-volume, low-priced rut. It scarcely experienced any notable price increases over this time, until today.
At press time, it was trading at $8.20, up 37.35 percent in the previous 24 hours. All obviously wound-up bullish pressure has been building up this week, driving the seven-day upside to 44 percent.
The last time FIL reached this level was at the end of May. This occurred when the altcoin struggled to recover from its two-month fall.
However, market circumstances pulled it lower, and the latest retest of the same price level places it in the overbought zone of the RSI. This implies that a retracement is also possible.
Why the dramatic uptick in performance?
In the previous few days, Filecoin [FIL] has seen significant increases in its social dominance indicator. This may have increased exposure and attracted additional investors. Because its price has been relatively stable, it is a good candidate for a significant price pump.
As a result, FIL has been under to intense purchasing pressure since June 26.
FIL's market cap reached at $2.09 billion at press time, up $840 million in the previous five days. In reality, the majority of the extra market capitalization has occurred in the recent 24 hours.
This comes only one day after it was disclosed that Holon Global, a venture capital business that invests in digital assets, has launched three crypto-funds. This contains one FIL fund.
It is unclear whether the huge surge is due to Holon Global's new FIL fund. However, such a fund would very certainly expose FIL to a lot of demand, fueling FOMO. Nonetheless, FIL stakeholders will be relieved to see that such a large quantity of money is being poured back into the cryptocurrency.
FIL may also be in for brighter days now that it has recovered investor attention.
** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.