Filecoin Price Surges 16% as FIL Breaks Key Resistance Levels

• Filecoin (FIL) surged over 16% as trading volume jumped 338%, pushing the token above key technical resistance levels.
• FIL faces resistance around $0.80-$0.81, while rising open interest and positive funding point to increased trader activity.

While the global crypto market attempts to recover from one of its worst phases of the year, with Bitcoin trading above $76K, altcoins are also trying to keep pace with the giant crypto. Among them, Filecoin (FIL) is one of the top performers, posting gains of more than 16% over the past 24 hours and topping the gainers list.

After hitting an all time low of $0.614 on August 18, Filecoin extended its recent recovery as strong trading volume and a technical breakout pushed the cryptocurrency back above key resistance levels.

According to CoinMarketCap data, FIL is currently trading at around $0.7749 with an intraday high of $0.8073, up 16.51% over 24 hours. The move came alongside a sharp increase in trading activity, with CoinMarketCap reporting a 338% rise in volume.

Filecoin (FIL) Technical Analysis

The latest rally follows a strong move from the $0.68 area at the end of August. CoinGecko’s historical data shows FIL closed at $0.682 on August 31 before rising to $0.80 on September 2, marking a sharp two-day recovery.