Is Filecoin FIL bull run over after a dip of more than 8% in 24 hours

• Filecoin token has doubled in price in less than a month

• Filecoin committed to green energy goals in partnership with Holon Global

• FIL has lost 8% in the last 24 hours but remains supported at a key level

Filecoin FIL/USD traded at a high of above $11 at the beginning of August. The price is more than double from the low of around $5 towards the end of July. A series of developments, including a crypto fund for FIL by Holon Global, boosted the cryptocurrency. 

Filecoin has committed to 100% renewable energy by the end of 2025. The decarbonization will be facilitated by Holon, a web 3 data storage provider. The announcement, which occurred in late July, has been boosting FIL. Investors seeking sustainable ecosystems could be banking on this important milestone. But how bullish is FIL after the latest pump?

Filecoin token currently trades at $8.15. That comes after a more than 8% drop in the last 24 hours. A broader look at the crypto sector reveals a slight bear weakness after the latest gains. We believe FIL has more strides to make, but investors should watch a key level.

Filecoin trades at key support after retracing from $11

Source – TradingView

From the technical outlook, FIL is yet to break below key support at $8.14. That means that the cryptocurrency has a chance to go higher after the current retracement. 

Although the MACD indicator is bullish for FIL, the momentum is slowing down. We need to watch $8.14 for bullish price action before buying. If FIL drops below the support, the bear weakness could heighten. The next support is at $6.02.

Summary

FIL is retracing but keeps the $8.14 support intact. Watch for price action at the support before entering.