Filecoin ignores Elon Musk’s Bitcoin FUD as FIL price rockets by 17%


FIL, the native crypto asset of the Filecoin network, was among the best performing digital assets Friday as it maintained its gains against a very bearish cryptocurrency market.The FIL/USD reached an intraday high of $102.109 at around 0300 UTC, up more than 37% on a 24-hour adjusted timeframe. The pair underwent a sharp correction later on profit-taking sentiment but sustained its 24-hour gains by staying upward of 17%. In contrast, Filecoin’s top rivals Bitcoin (BTC) and Ether (ETH) were down more than 6% and 7%, respectively, as of 0945 UTC.Filecoin attempts to post solid rebounds following its recent downside moves. Source: FILUSD on TradingViewAlmost all the top-cap digital assets posted losses after Elon Musk, the founder/CEO of Tesla, tweeted a cryptic breakup meme with a hashtag #bitcoin and a broken heart emoji. According to the firm’s securities filing released in February, Tesla had added $1.5 billion worth of BTC tokens to its balance sheet. However, Musk’s mysterious tweet on Thursday night raised fears that Tesla was going to or has already unloaded its entire Bitcoin investment.And you didn’t sell, right?— Jay_OKEX_CEO (@JayHao8) June 4, 2021

Bitcoin dropped from around $39,500 to as low as $36,250 within a day. Meanwhile, the assets that remain positively correlated to the benchmark cryptocurrency also plunged in tandem. That included the second-largest cryptocurrency Ether, followed by its topmost rivals Binance Coin (BNB), Cardano (ADA), and even Musk’s favorite Dogecoin (DOGE).Bitcoin takes all its top rival down after Musk’s tweet. Source: MessariOn the whole, the cryptocurrency market cap lost more than $128 billion in the previous 24 hours.Why did Filecoin survive the bloodbath?No major event took place in Filecoin’s decentralized file storage ecosystem this week. The last major announcement from the project’s team came on May 27, wherein it revealed “HyperDrive Network Upgrade” that proposes to boost its storage onboarding rate by 10-25 times than the current rate.Filecoin traders ignored the said update — the FIL/USD exchange rate plunged 4.36% on May 27 and 6.45% in the next session. Meanwhile, the pair traded choppily between May 20 and June 2 in a tightening consolidation range, even as other tokens logged wild intraday price fluctuations.Filecoin underwent a technical bullish breakout after consolidating inside a Triangle pattern. Source: FILUSD on TradingViewFilecoin’s under-performance against rival tokens also pushed its Relative Strength Index (RSI), a technical indicator to measure an asset’s price momentum, just near an oversold territory. Traders typically increase their exposure in the assets that appear undervalued per the RSI readings — below 30. FIL/USD’s RSI was 35.96 before its latest price jump.So it appears, Filecoin attracted traders owing to its perceivable undervaluation compared to other top digital assets. That provided a short-term hedge to traders attempting to offset their risks against the Musk-led crypto market decline.$FIL (USDT) flexing relative strength to market pic.twitter.com/Wsueca6biU— Cheds (@BigCheds) June 4, 2021

FIL also displayed a similar strength against Bitcoin. The FIL/BTC exchange rate jumped by nearly 40% after opening the Thursday session at 18,286 sats. The pair corrected lower by around 8.25% in the early London session Friday. Still, they maintained its intraday profits, showing that traders were in no hurry to go back to Bitcoin.Strong volume spikes on both FIL/USD and FIL/BTC charts also indicated a renewed interest in the trading instruments.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 16,825.66
ethereum
Ethereum (ETH) $ 1,233.46
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 283.79
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.383005
dogecoin
Dogecoin (DOGE) $ 0.095753
cardano
Cardano (ADA) $ 0.309310
matic-network
Polygon (MATIC) $ 0.888793
polkadot
Polkadot (DOT) $ 5.28
staked-ether
Lido Staked Ether (STETH) $ 1,219.49
litecoin
Litecoin (LTC) $ 77.07
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 20.92
dai
Dai (DAI) $ 1.00
solana
Solana (SOL) $ 13.59
tron
TRON (TRX) $ 0.053269
uniswap
Uniswap (UNI) $ 6.00
avalanche-2
Avalanche (AVAX) $ 13.21
leo-token
LEO Token (LEO) $ 3.78
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,828.57
chainlink
Chainlink (LINK) $ 6.84
cosmos
Cosmos Hub (ATOM) $ 9.58
the-open-network
The Open Network (TON) $ 1.85
ethereum-classic
Ethereum Classic (ETC) $ 18.75
monero
Monero (XMR) $ 141.99
stellar
Stellar (XLM) $ 0.084299
bitcoin-cash
Bitcoin Cash (BCH) $ 109.41
quant-network
Quant (QNT) $ 116.51
crypto-com-chain
Cronos (CRO) $ 0.064527
algorand
Algorand (ALGO) $ 0.221888
filecoin
Filecoin (FIL) $ 4.33
near
NEAR Protocol (NEAR) $ 1.69
apecoin
ApeCoin (APE) $ 3.88
vechain
VeChain (VET) $ 0.018744
hedera-hashgraph
Hedera (HBAR) $ 0.047064
internet-computer
Internet Computer (ICP) $ 4.19
eos
EOS (EOS) $ 1.00
flow
Flow (FLOW) $ 1.04
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.93
frax
Frax (FRAX) $ 1.00
trust-wallet-token
Trust Wallet (TWT) $ 2.43
terra-luna
Terra Luna Classic (LUNC) $ 0.000165
axie-infinity
Axie Infinity (AXS) $ 8.64
the-sandbox
The Sandbox (SAND) $ 0.581042
tezos
Tezos (XTZ) $ 0.989336
theta-token
Theta Network (THETA) $ 0.873291
aave
Aave (AAVE) $ 61.13
huobi-token
Huobi (HT) $ 6.34