Filecoin (FIL) is one of the top performers amongst the leading 50 cryptocurrencies by market cap.
The cryptocurrency market has experienced a mixed performance over the past few days. Despite the current turmoil stemming from the ongoing Russia and Ukraine debacle, the cryptocurrency market has been able to hold its ground.
The total cryptocurrency market cap is currently above the $1.7 trillion mark and could soon top $1.8 trillion if the current market momentum is built upon.
Bitcoin and the other leading cryptocurrencies have been performing averagely over the past few days. BTC is trading around $38k per coin at press time, while Ether struggles below the $2,800 mark.
FIL, the native token of the Filecoin ecosystem, is one of the top performers amongst the leading 50 cryptocurrencies by market cap. Despite the mixed market performance, FIL has added more than 5% to its value in the last 24 hours.
The primary catalyst behind this rally is Filecoin’s announcement this weekend that it is a sponsor of ETHernals, an ETHIndiaco Online Hackathon event.
1/ The Filecoin Network is a sponsor of ETHernals, an @ETHIndiaco Online Hackathon active from Feb 25 – Mar 27, by @devfolio!
The team looks forward to seeing how you may decide to incorporate the best use of @IPFS & #Filecoin for…
🚀Content Addressing
🚀Decentralized Storage pic.twitter.com/H3bzuFDYfX— Filecoin (@Filecoin) February 26, 2022
The event will see some developers integrate Filecoin’s services into their projects.
Key levels to watch
The FIL/USD 4-hour chart is currently bullish, thanks to Filecoin’s positive performance over the past 24 hours. The technical indicators show that FIL is performing well at the moment.
The MACD line is in the positive territory, indicating strong bullish momentum at the moment. The 14-day relative strength index of 66 shows that FIL could soon enter the overbought region if the rally is sustained.
At press time, FIL is trading at $19.80 per coin. If the rally is sustained, FIL could surge past the first major resistance level at $22.65 over the next few hours. However, FIL would need the support of the broader market to surpass the $25 psychological level.
