FIL outperforms, AVAX sees bullish breakout towards $30, FLOW lags

Filecoin (FIL) bulls are regaining control

Filecoin, one of the biggest recent climbers in the cryptocurrency space, regained bullish momentum on Saturday. FIL, the native token that powers Filcoin’s blockchain protocol for decentralized data storage, was last trading over 11% higher in the $9.30 range on Saturday, after rising from just under $8.0 on Friday.

The cryptocurrency was propelled higher over the past weekend by news that Filecoin had partnered with renowned US university Harvard to work together on preserving digital information through decentralized technology. Between July 30th and August 1st, FIL rallied up to 90% from under $6.0 to around $11.35, but its price action saw some consolidation this week.

FIL appears to have attracted decent demand this week after a retest of its 10-day moving average and the bulls appear to be firing on a retest of recent highs. In terms of upside resistance levels to watch for, there is the late April low at $11.75, the 200DMA at $13.98 and then support in the $16.90 area.

FIL/USD bulls are regaining control. Source: FX Empire

According to CoinMarketCap, FIL is up over 12% in the last 24 hours, making it the best-performing cryptocurrency in the top 50 by market cap.

Avalanche (AVAX) sees Bullish Ascending Triangle Breakout

The best-performing cryptocurrency in the top 20 by market cap over the past 24 hours on Saturday is Avalanche, according to CoinMarketCap. During that period, the AVAX token, which powers Avalanche’s blockchain, has rallied around 6.0% to above the $25.50 mark.

For now, however, AVAX is holding below the recent highs in the $25.80-$26.30 range and below its 100DMA at $26.76. But a bullish breakout is becoming increasingly likely. AVAX/USD has been forming an ascending triangle for the past few weeks and these often break out to the upside.

The immediate upside target would be a test of the $28.00 support and resistance area. Beyond that, there’s a lot that could keep AVAX from rallying into the $30 mark and beyond.

AVAX/USD sees bullish breakout. Source: FX Empire

FLOW, the native token that powers the Flow blockchain, is the worst-performing cryptocurrency among the top 50 by market cap over the past 24 hours, according to CoinMarketCap this Saturday. During that period, FLOW is down almost 10%. However, the recent drop is likely just a reflection of some profit-taking on the staggering nearly 50% surge the cryptocurrency saw on Thursday and Friday.

FLOW was bolstered earlier this week by news that Meta Platforms will be using the Flow blockchain to expand its non-fungible token (NFT) offering. Meta this week announced an international expansion of its digital collectibles capabilities, which it successfully piloted on Instagram back in May. Meta will now support the Dapper wallet, whose creator Dapper Labs also created the Flow blockchain, as well as the Coinbase wallet.

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