Bulls Charge Ahead: Filecoin’s FIL and Hedera’s HBAR See Price Surges – What’s Fueling the Fire?

The crypto market is showing signs of recovery after a prolonged bearish period, with tokens like Filecoin’s FIL and Hedera’s HBAR among the top performers. According to data from Coinpedia’s analysis on TradingView, both FIL and HBAR have witnessed significant price jumps over the past weeks.

FIL Price Soars 18%

Filecoin’s native token FIL has seen its price increase by 18%, comfortably breaking past the $7.50 level. This showcases strong bullish momentum for the token. Furthermore, Filecoin’s integration with the Solana ecosystem marks an important development that could enhance FIL’s utility and appeal.

Given current trends, analysts have set a price target of $12 for FIL, indicating substantial upside potential from its current trading price of $7.51. With a market capitalization of $3.84 billion, Filecoin is ranked as the 27th biggest cryptocurrency by market value.

Additional factors driving bullish sentiments for FIL include a trend reversal signaled by a double bottom pattern and a rounding bottom formation with a neckline at $7.56. Trading volumes have also surged over 222%, underscoring significant buying interest. The integration with Solana has also boosted market confidence in Filecoin’s ongoing uptrend.

HBAR Jumps 25%

Likewise, Hedera’s HBAR token has jumped over 25%, breaking well above the $0.10 level. HBAR could be poised to challenge the $0.12 resistance level soon, as per Coinpedia’s technical analysis based on the 1.618 Fibonacci extension level.

Estimates point to a potential 50% upside for HBAR, with $0.1699 as the next likely resistance zone. Sentiments have been bolstered by Hedera’s announcement of a DeepTech Venture Studio in Saudi Arabia. Additionally, rising activity on HBAR-based decentralized exchange SaucerSwap has reinforced HBAR’s robust market position.

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HBAR has also exhibited a clear trend reversal after breaking out of a falling wedge pattern on February 6th. The token is currently trading at around $0.107 after a minor pullback, likely indicating a brief consolidation phase. The RSI level entering overbought territory signals extremely bullish sentiments, aligned with the positive market view on HBAR potentially reaching $1 in the future.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.