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Filecoin Price Tests Key Support Despite Bullish Market Sentiment

Key Highlights:

Filecoin (FIL) price has dropped by 5%, testing the supportive level of the 20-day moving average at $4.94. However, market sentiment remains bullish, with FIL eyeing a breakout towards $6.5 (+25%). Despite the decline, technical indicators like the RSI and MACD point to further upside potential.

Correction to Test Support

FIL touched a new localized high at $6.175, a level not seen since April 2023. However, the 5% decline has caused concern among some holders. The drop is attributed to a localized retracement, with FIL price currently finding buying pressure at the ascending 20DMA.

Upside Potential Remains

FIL’s 200DMA indicates strong support around $4, presenting a risk-reward ratio of over 5. The minor bullish divergence in the MACD and cooling RSI suggest FIL could stage an upside move to $6.5.

Bitcoin Minetrix Presale Attracting Investment

The Bitcoin Minetrix presale has raised over $5.59 million, with its 141% staking APY attracting investors ahead of the Bitcoin ETF decision and 2024 halving. The project operates on the Ethereum blockchain, focusing on security and decentralization.

The increasing Bitcoin network hash rate and mining centralization indicate that cloud mining solutions like Bitcoin Minetrix could provide…[continues]

Disclaimer: The information provided in this article is not investment advice. The views expressed are …

FILUSDT Chart | Tweets About $Fil

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