Top 3 Trending Coins: FIL Outperforms, AVAX Eyes Bullish Breakout Towards $30s, FLOW Lags

Key Points

• Filcoin bulls are back in control, with the cryptocurrency the best performer in the top 50 on Saturday.
• Avalanche is eyeing a bullish breakout from an ascending triangle pattern.
• Flow is suffering amid profit-taking after massive gains on Thursday/Friday.

Filecoin (FIL) Bulls Regain Control

Filecoin, one of the biggest recent movers in the cryptocurrency space, has regained upside momentum on Saturday. FIL, the native token that powers Filcoin’s decentralized data storage blockchain protocol, was last trading over 11% higher on the day on Saturday in the $9.30 area, having surged from closer to $8.0 on Friday.

The cryptocurrency was sent careening higher last weekend by the news that Filecoin had partnered with prestigious US university Harvard to work together on preserving digital information via decentralized technology. Between 30 July and 1 August, FIL rallied as much as 90% from under $6.0 to around $11.35, but its price action saw some consolidation this week.

FIL seems to have attracted decent demand upon a retest of its 10-Day Moving Average this week and bulls appear to be gunning for a retest of recent highs. In terms of upside resistance levels to watch out for, there is the late April low at $11.75, the 200DMA at $13.98 and then support in the $16.90 area.

According to CoinMarketCap, FIL is over 12% higher in the last 24 hours, making it the best performing cryptocurrency in the top 50 by market capitalization.

Avalanche (AVAX) Eyes Bullish Ascending Triangle Breakout

The best-performing cryptocurrency in the top 20 by market cap over the last 24 hours on Saturday according to CoinMarketCap is Avalanche. Over this time period, the AVAX token that powers Avalanche’s blockchain has rallied around 6.0% to above the $25.50 mark.

However, AVAX is for now holding below recent highs in the $25.80 to $26.30 area and below its 100DMA at $26.76. But a bullish breakout is looking increasingly likely. AVAX/USD has formed an ascending triangle in the last few weeks and these often break to the upside.

The immediate upside target would be a test of the $28.00 support-turned-resistance area. Beyond that, there is much to stop AVAX from surging into the $30s and beyond.

Flow (FLOW) Pulls Back After Meta Platforms Fuelled Rally

FLOW, the native token that powers the Flow blockchain, is the worst performing cryptocurrency in the top 50 by market cap in the past 24 hours this Saturday according to CoinMarketCap. Over this time period, FLOW has dipped nearly 10%. However, the recent drop is probably just a reflection of some profit-taking in wake of the stunning near-50% surge higher that the cryptocurrency enjoyed on Thursday and Friday.

FLOW was boosted earlier this week by the news that Meta Platforms will utilize the Flow blockchain in order to expand its non-fungible token (NFT) offerings. Meta this week announced an international expansion of its digital collectibles features that it successfully piloted on Instagram back in May. Meta will now support the Dapper wallet, whose creator Dapper Labs also created the Flow blockchain, as well as supporting the Coinbase wallet.