Filecoin (FIL) Surges 10% After Upbit Listing — New All-Time Low Averted

Key Takeaways

• Filecoin’s price avoided hitting a new low following its listing announcement on South Korea’s Upbit exchange.
• Trading volume soared from $124 million to over $300 million, a sign of rising market interest.
• FIL’s market value may consolidate between $2.75 and $3.45 unless volume and momentum improve.
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Filecoin’s (FIL) price has surged by 10% today following Upbit’s announcement that it will list the cryptocurrency. This uptick comes 24 days after FIL hit an all-time low of $2.48.

Before the listing, Filecoin’s price hovered around $2.70, with indicators showing signs that it could slide lower. However, that did not happen.

But the question is: Will FIL continue to climb and avoid retesting another all-time low? Let’s find out in this analysis.

Filecoin Volume Spikes

According to Upbit , South Korea’s leading cryptocurrency exchange, FIL, will be listed with a Korean Won (KRW) trading pair only. Trading is scheduled to begin at 4:30 PM local time.

Following the development, Filecoin’s trading volume surged from $124 million to over $300 million, indicating renewed interest in the altcoin. The surge in volume aligns with previous Upbit listings.

For instance, on previous occasions, CCN had reported how the volume skyrocketed after the exchange listed Compound (COMP). It was also a similar situation with the Pendle (PENDLE) listing in August 2024.

From a price perspective, the hike in volume is a bullish sign. Rising trading volume alongside increased price indicates a strengthened trend.

Therefore, if the volume continues to jump, Filecoin’s price might remain in an uptrend.

Descending Triangle Broken

On the technical side of things, the daily chart shows that FIL’s price broke out of a descending triangle. A descending triangle is a bearish chart pattern in technical analysis, characterized by a downward-sloping upper trendline and a relatively flat lower support line.

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This setup typically signals the possibility of a price breakdown once the asset breaches the horizontal support. However, Filecoin’s price did not break down below the support but climbed past the upper boundary of a falling trendline.

Amid this price action, the Relative Strength Index (RSI) reading has increased. However, it has yet to break past the neutral line, indicating that the momentum around FIL is not entirely bullish.

FIL Price Analysis: Next Move Indecisive

Despite the recent breakout, another look at the technical perspective reveals that Filecoin’s price might struggle to keep up with the uptrend.

While this does not imply it will reach a new low, the Chaikin Money Flow (CMF) reading has dropped to the negative region. This drop indicates that there is not enough buying pressure to keep FIL above $3.

In addition, the Moving Average Convergence Divergence (MACD) reading hovers near the neutral line. This signifies indecision between buyers and sellers, as there is no clear trend yet.

If sustained, FIL might keep consolidating between $2.75 and $3.45. However, in a bullish scenario, Filecoin’s price might experience a rally toward the 0.786 Fibonacci level at $3.73.

If buying pressure intensifies, the value could climb as high as $4.74.

On the flip side, if FIL declines below the horizontal support of the descending triangle, this trend might change, and a crash to a new all-time low could be next.