Filecoin Price Jumps 7.11% After Upbit Exchange Listing
Filecoin experienced a 7.11% price increase following its listing on Upbit, South Korea's largest cryptocurrency exchange, on April 4 at 16:30 KST. The token is currently trading around $2.88.
Key details from the listing include:
- FIL trading pairs introduced against the Korean won (KRW).
- Initial trading restrictions imposed to prevent market manipulation, including limits on buy orders for the first five minutes.
- Sell orders restricted if priced 10% lower than the previous closing price.
- Traders could only place basic orders for one hour after launch.
- Deposits to the Filecoin network have been restricted.
Price Outlook
Following the listing, FIL's market capitalization rose by 5% to $1.86 billion. Key indicators suggest:
- MACD shows potential upward momentum as the MACD line crossed above the signal line.
- Bollinger Bands indicate high volatility with overbought conditions; price stabilization near the mid band could lead to consolidation.
- Current RSI is around 56, indicating moderate bullish strength.
- Resistance at $3.00, with potential to reach $3.20 if broken sustainably.
- Support forming around $2.75; a drop below this level may lead to a decline toward $2.50.
Growing Adoption
Filecoin reported a 305% increase in development activity, ranking among top projects in the Decentralized Physical Infrastructure Network (DePIN) sector. It was also frequently mentioned on social media alongside other DePIN projects in March.