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.
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.
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.
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