- Traders were overleveraged at $4.43 on the lower side and $4.75 on the upper side levels.
- As the price approaches the breakout level, traders have been aggressively participating.
As a seasoned researcher with years of experience analyzing cryptocurrencies, I find myself intrigued by the current state of Filecoin (FIL). After closely monitoring its tight range for nearly five months, it appears that FIL is gearing up for an exciting breakout. The bullish market sentiment and the asset’s strong technical indicators are compelling reasons to believe in its potential for upward momentum.
As a crypto investor, I’m finding myself optimistic about Filecoin [FIL]. After being stuck in a narrow trading range for almost half a year, it seems ready to surge. The general mood in the crypto market is bullish right now, with most digital currencies showing signs of breakouts and positive momentum.
Filecoin technical analysis and key levels
Despite the optimistic atmosphere, Family Investment Limited (FIL) has developed an uptrend or bullish pattern on its daily chart, drawing robust backing from both traders and investors.
As per the technical assessment by AMBCrypto, Filecoin (FIL) appears poised to burst free from the price range it has been trapped within for approximately half a year, spanning between the $3.18 and $4.80 mark.
If Filecoin (FIL) surpasses its current price range and ends the day trading above $4.80, it might experience a potential increase of approximately 47%, potentially reaching $7.20.
Currently, the asset’s value is higher than its 200-day Exponential Moving Average (EMA), suggesting a rising trend. Moreover, its Relative Strength Index (RSI) hints at an imminent surge, since it has dipped into oversold territory.
FIL’s bullish on-chain metrics
The technical analysis of Filecoin is also backed up by measurements directly from the blockchain. Lately, it’s noticeable that traders are actively engaging, which has led to a substantial increase in active positions or open contracts, known as open interest (OI).
As reported by the analytics firm Coinglass, Filecoin’s Open Interest (OI) has experienced a 7.9% increase over the last 24 hours and a 4.65% spike within the past four hours. This escalating Open Interest suggests an uptick in trader activity, resulting in more open positions being established.
Currently, significant sell-off points (liquidation levels) are found at approximately $4.43 on the downside and $4.75 on the upside based on Coinglass’s data, with traders holding excessive positions at these price ranges.
If the market mood stays constant and the price reaches $4.75, it’s estimated that around $1.5 million in short positions will need to be closed. On the flip side, if the market sentiment changes and the price falls to $4.43, traders with roughly $6.21 million in long positions might have to close their positions.
As a researcher, I’ve been closely observing the interplay of on-chain metrics and technical analysis. My findings indicate that at present, the bullish forces seem to be holding sway over the Filecoin (FIL) market. This dominance might potentially enable FIL to surmount its current resistance level.
Currently, FIL is close to $4.62 per unit, representing a 3.5% increase over the last 24 hours. However, during this timeframe, the number of trades involving FIL decreased by 8%, suggesting fewer traders and investors participating compared to the day before.
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2024-11-23 04:07