Filecoin FIL $2.76 24h volatility: 2.9% Market cap: $1.79 B Vol. 24h: $489.77 M

saw an immediate 7.11% spike after Upbit, South Korea's largest cryptocurrency exchange, listed the token on its platform. At the time of writing, FIL has stabilized

Key Notes:

* Upbit, South Korea’s largest cryptocurrency exchange, has listed Filecoin (FIL) on its platform, immediately seeing a 7.11% spike in the token’s price.

* At the time of writing, FIL has stabilized around $2.88.

* The listing, which occurred on April 4 at 16:30 KST, introduces FIL trading pairs against the Korean won (KRW), opening the token to a larger base of South Korean investors.

* Notably, the exchange has imposed several trading restrictions to prevent market manipulation.

* For the first five minutes after the listing, new buy orders were limited. Additionally, sell orders with prices 10% lower than the previous closing price would be restricted.

* For an hour after launch, traders were only able to place basic orders, as more complex trading strategies remained temporarily disabled. The exchange has also restricted deposits to the Filecoin network.

FIL Price Outlook:

* Following the listing announcement, FIL’s market capitalization increased by 5% to $1.86 billion, as per the data by CoinMarketCap.

* On the 4-hour price chart, technical indicators suggest that a trend reversal could be in progress.

* The MACD indicator shows signs of bullish momentum with the MACD line just crossing above the signal line.

* However, traders should keep an eye on the histogram as it may indicate that FIL could face resistance if it turns negative.

* The Bollinger Bands reveal massive volatility. FIL’s price spiked above the upper band, suggesting overbought conditions that often lead to retracements.

* If the price manages to stabilize near the mid band (20-day SMA), it could indicate a period of consolidation before the next move.

* Meanwhile, the RSI currently hovers around 56, signaling moderate bullish strength. This suggests that FIL can still move upwards.

* However, a major spike in RSI above 70 would indicate an overbought scenario, potentially leading to a pullback.

* In the short-term, FIL is currently facing resistance at $3.00, a psychological level that has proven difficult to break.

* If FIL breaks this level sustainably, it could aim for the next resistance at $3.20.

* On the other hand, in the short-term, support is forming around $2.75. A breakdown below this could result in a deeper retracement toward $2.50.

Filecoin’s Fundamentals Remain Strong:

* Beyond price action, Filecoin’s fundamentals remain strong.

* According to Chain Broker, Filecoin saw a 305% surge in development activity, ranking it among the top projects in the Decentralized Physical Infrastructure Network (DePIN) sector.

* Moreover, crypto investor Ucan noted that FIL was among the most mentioned DePIN projects on social media in March, alongside Internet Computer (ICP) and Render (RNDR).