Is Filecoin Going to Zero? FIL Price Dips 4% as New Bitcoin Platform Hits $7.2 Million

cryptonews.com:

The FIL price has dropped by as much as 4% in the past 24 hours, slipping to $7.48 as the wider crypto market suffers a 1% decline today.

Despite the dip, Filecoin remains up by 31% in a week and by 54% in the last 30 days, with the altcoin also having gained by an impressive 136% in the past year.

Yet such momentum could begin to wane if today is any indicator, especially when FIL has largely risen with the market, which may sink back down if the SEC does not accept any Bitcoin ETFs this month.

However, there are a number of promising new altcoins that look set to rise even if such ETFs don’t gain approval, with Bitcoin Minetrix (BTCMTX) being one of the most promising.

Even though FIL has dropped today, its indicators continue to look relatively healthy, suggesting that further gains may be coming in the shorter term.

For one, its 30-day average (yellow) has actually begun climbing more steeply away from its 200-day average (blue), a sign that it has gained momentum.

Similarly, FIL’s relative strength index (purple) has also risen beyond 70 today, another clear sign that the coin has gained in momentum in the past few days.

And at just over $600 million, FIL’s trading volume makes it clear that interest remains strong in the token, especially when it was recording only $250 million a day a month ago.

It’s also encouraging that the token’s support level (green) has not only increased steadily in recent weeks, but has also held up well against any falls.

Take together, this all suggests that the FIL price is likely to rise again after today’s little comedown.

Indeed, the general expectation is that the SEC will approve at least a few Bitcoin ETFs, something which will not only boost BTC, but will boost the market as a whole.

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