Date: Mon, May 19, 2025 | 08:30 AM GMT
After mounting a solid comeback in recent weeks—where the price of Ethereum (ETH) surged as high as $2,700—the broader crypto market has returned to turbulence. ETH has since slid back near $2,400, down over 5% in the past 24 hours, and this wave of volatility is rippling across major altcoins .
Filecoin (FIL), one of the notable performers in recent weeks, is also experiencing pressure. After trimming its monthly gains to just over 10%, FIL is now flashing signs of a potential bounceback—thanks to a bullish technical pattern forming on its daily chart.
Source: Coinmarketcap Elliott Wave Impulse Pattern Signals More Upside
On the daily timeframe, FIL is currently unfolding a textbook 5-wave Elliott Impulse pattern and has already surged nearly 22% during this structure. The third wave peaked around $3.30, followed by a healthy correction in Wave 4 down to the $2.73 level—a 17% pullback from Wave 3 highs.
Filecoin (FIL) Daily Chart/Coinsprobe (Source: Tradingview) Now, the price has rebounded slightly, trading around $2.79. This minor recovery could mark the early stages of Wave 5, which, if the pattern plays out as expected, could push FIL towards $3.79—a 35% upside from the current levels.
This bullish projection aligns with the 1.27 Fibonacci extension measured from the Wave 2–3–4 sequence, a common target zone for Wave 5 in Elliott Wave theory.
Additionally, the 50-day moving average (MA) is acting as a strong support level, while the 100-day MA looms above as resistance. A confirmed breakout above the 100 MA would likely validate the upside continuation and fuel stronger bullish momentum.
What’s Next for FIL?
The key short-term support to watch is $2.73, along with the 50-day MA. Holding above this zone is crucial to keeping bullish hopes alive. If FIL can maintain this level and push through the 100-day MA, the stage may be set for Wave 5 to fully play out.
At the same time, traders should keep an eye on how Ethereum behaves at the $2,400 level. A strong rebound in ETH could restore broader market confidence and give altcoins like Filecoin the green light to regain upward momentum.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions in cryptocurrencies.
