The cryptocurrency market is demonstrating resilience amid expectations of potential US Federal Reserve rate cuts. Ethereum and Filecoin are exhibiting strong results.
Current State of the Crypto Market
The cryptocurrency market continues to show momentum as expectations rise for potential US Federal Reserve rate cuts, with Ethereum reclaiming the $4,700 mark. This positive sentiment is also reflected in several other altcoins.
Filecoin's Harmonic Structure
Filecoin (FIL) has gained 12% in the past week, forming a **Bearish Butterfly** on its chart. This pattern often results in a bullish rally in the CD leg, which could set the stage for further upside. The pattern started at point X ($3.304), dropped to point A, rallied to point B, and retraced to point C near $2.134. FIL regained strength and is now trading around $2.605, reclaiming its 100-day moving average.
Future Prospects for Filecoin
If bulls can defend the 100-day MA and push FIL above the 200-day MA, the token could extend its rally toward the PRZ zone between $3.669 and $4.133. Conversely, if FIL loses its support at the 100-day MA, the bullish setup would weaken, leading to potential consolidation.
The cryptocurrency market continues to evolve, with Ethereum and Filecoin showing positive investor sentiment. However, further fluctuations depend on maintaining key support levels.
