The Filecoin price is in a tight range as traders wait for the upcoming US jobs numbers. FIL is trading at $152, which is slightly below this week’s high of $165.83. The currency’s market cap has surged to more than $10 billion, making it the 21st biggest cryptocurrency in the world.
What happened: The strong upward momentum on Filecoin that was experienced a few weeks ago has waned. This is despite some progress the developers have made. For example, last week, the developers unveiled the twelfth upgrade of the network.
The new upgrade introduced significant speed improvement that has seen it move from processing 375,000 miners per 60 epochs to over 2,000. The developers also held a demo day, in which creators demonstrated their creations, which were in the video, gaming, and NFTs among others. Looking ahead, the FIL price will react to the US jobs numbers, which will have an impact on the upcoming interest rate decisions.
The daily chart shows that the Filecoin price has struggled lately. It has remained between the support and resistance levels at $130 and $167, respectively. It has also spent on the 38.2% Fibonacci retracement level in the past few days. The Average True Range (ATR) has declined to the lowest level since March 31, which is a sign of reduced volatility.
Therefore, the outlook for the coin is neutral. The key levels to watch will be the support and resistance levels mentioned above. Any drop below $130 will signal that bears have prevailed and will open the possibility of it falling to the 61.8% retracement $103.
Please don’t consider this investment advice. Views expressed here are those of the writer and the writer and InvestingCube will not be held liable for any losses.