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After a stunning 200% rally last week from $1.2 to $3.9, the price of FileCoin (FIL) has now entered a deep correction and reached support at $2.1. This drop of more than 50% has made investors wonder if FIL is ready to return to a new uptrend or if there is a possibility of falling back to the $1 range.
In recent days, the rapid growth of decentralized physical infrastructure network (DePIN) tokens, especially Internet of Computer (ICP), has played an important role in stimulating the demand for FIL. The number of FileCoin network transactions has also increased, which is a sign of high user activity.
From a technical point of view, the $2.1 range is the most important support for FIL. The price remaining above this range can provide the basis for FileCoin to return to the $3.9 resistance and, in an optimistic scenario, move towards higher targets such as $10; But if this very important support is broken, there is a possibility that the price will fall again to the $1 range.
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