- The asset was trading within a bullish triangle pattern, that could lead FIL to $28 mark.
- Market sentiment is increasingly favoring bulls, as participants anticipate a sustained uptrend.
As a seasoned crypto investor with a knack for spotting trends and patterns, I find myself optimistic about Filecoin (FIL). Over the past month, FIL has demonstrated remarkable resilience and growth, defying market volatility. The bullish triangle pattern it’s currently trading within suggests a potential climb to the $28 mark, which could result in significant gains for those who hopped on this bandwagon early.
For about a month now, Filecoin [FIL] has shown remarkable progress, surging by approximately 94.18% and almost doubling its price from previous lows. The bullish trend persists, as the last day alone brought a 6.17% rise, contributing to a 24.04% growth over the past week.
According to AMBCrypto’s analysis, the actions of market participants will significantly influence the direction of Filecoin (FIL) in the forthcoming trading periods.
Bullish participants remain in control of FIL
According to data from Coinglass, there’s a robust optimism towards Filecoin (FIL), as evidenced by the increasing Open Interest (OI) and a favorable Funding Rate.
The amount of open positions for continuous contracts on a particular asset has noticeably increased.
In the last 24 hours, FIL’s Open Interest (OI) significantly rose by 19.13%, reaching $396.72 million. This growth suggests a higher level of activity, with long-term contracts being more popular than short-term ones. This trend mirrors the broader positive market trend, often referred to as bullish momentum.
At the moment of reporting, the Funding Rate was set at 0.0296%. This indicates that long-term traders are actively propping up the market by bridging the difference in prices between the spot and futures markets. This ongoing interaction strengthens the current price surge since it demonstrates increased buyer confidence.
Based on the present optimistic market outlook, AMBCrypto’s assessment indicates that Filecoin (FIL) might maintain its rising trend, potentially surpassing prices in the double digits.
Double-digit target for FIL: The road to $28
As an analyst, I’m observing a bullish triangle pattern in FIL’s trading chart, which historically signals a potential surge in upward momentum. Notably, FIL has breached this structure, paving the way for a potentially substantial rally.
Initially, we aim to reach approximately $16.8 in this phase of activity, and there could be further growth up to around $28. Attaining this objective would represent a significant increase of approximately 319% within a brief timeframe.
To keep moving forward with the rally, it’s crucial that FIL surpasses its current resistance at $6.71. Once this barrier is overcome, it will open up a path for continuous price increase.
Long liquidations hamper FIL’s momentum
Recent liquidation data from the past 12 hours reveals heavy losses for long traders.
Read Filecoin’s [FIL] Price Prediction 2024–2025
For the time being, positions valued at approximately $743.36 have been closed (sold), further complicating our attempt to surpass the resistance level.
Should the bearish trend continue, Freeport-McMoRan (FIL) may encounter additional difficulties in maintaining its bullish advance. A change in market opinion will play a significant role in surmounting these hurdles and resuming positive growth.
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2024-12-02 12:08