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This is why Filecoin is up more than 5% today

 


Filecoin (FIL) is one of the top performers among the top 50 cryptocurrencies by market cap.


The cryptocurrency market has seen mixed development over the past few days. Despite the current turmoil due to the ongoing debacle in Russia and Ukraine, the cryptocurrency market has held its ground.


The total cryptocurrency market cap is currently above the $1.7 trillion mark and could soon surpass $1.8 trillion building on the current market dynamics.


Bitcoin and the other leading cryptocurrencies have performed averagely over the past few days. BTC is trading around $38,000 per coin at the time of writing, while Ether is struggling below the $2,800 mark.


FIL, the native token of the Filecoin ecosystem, is one of the top performers among the top 50 cryptocurrencies by market cap. Despite the mixed market performance, FIL has gained more than 5% in value over the past 24 hours.


The main catalyst behind this rally is Filecoin's announcement this weekend that it is a sponsor of ETHernals, an ETHIndiaco online hackathon event.



At the event, some developers will integrate Filecoin's services into their projects.


Important levels at a glance

The FIL/USD 4-hour chart is currently bullish on Filecoin's positive performance over the past 24 hours. The technical indicators show that the FIL is currently performing well.




The MACD line is in positive territory, indicating strong bullish momentum at this time. The 14-day Relative Strength Index of 66 shows that FIL could soon enter overbought territory if the rally continues.


At the time of writing, FIL is trading at $19.80 per coin. If the rally continues, FIL could surge above the first major resistance level at $22.65 in the next few hours. However, FIL would need the support of the broader market to surpass the psychological $25 level.

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