Filecoin eyes $6.77 as FIL breaks major resistance level: What’s ahead?

Filecoin surges past the $4.83 resistance level with a heavy liquidation pool of 283.74K.
The Long/short Ratio and Funding Rate suggested a continuation of the bullish run.

As a seasoned researcher with over a decade of experience in the dynamic world of cryptocurrencies, I must admit that watching Filecoin [FIL] break past the $4.83 resistance level is nothing short of exhilarating. The heavy liquidation pool of 283.74K adds an extra layer of intrigue to this bullish move.

After being stuck within a prolonged holding pattern for several months, Filecoin (FIL) has managed to surge past this resistance, an event viewed by numerous experts as a substantial technical breakthrough.

The behavior of this altcoin indicates a strong trend of surpassing the resistance point at $4.83, a barrier that’s halted its growth since July 4th.

This breakout is supported by strong market confirmation, clearly demonstrated by the latest price movement that peaked at $5.727 when last reported.

Over the last 48 hours, the altcoin has seen a significant 20.07% jump after breaching its resistance level, suggesting that this upward trend might continue for some time. Currently, the altcoin is only about 16% short of reaching the crucial resistance point at $6.77.

Growing confidence in Filecoin

According to AMBCrypto’s interpretation of data from Coinglass, the trend of Filecoin’s OI-weighted funding rate has consistently moved upward, hitting fresh record highs in its current location.

This suggested growing market participant confidence in FIL’s upward movement.

A persistent high Funding Rate implies that those holding long positions on Filecoin are prepared to pay extra, indicating their optimistic expectations for the short-term movement of Filecoin’s price.

Liquidations also leans bullish

Moreover, data from Coinglass on recent liquidations revealed a massive liquidation pool of approximately 283,740 units at the price point of $6.262, suggesting significant market activity during the breakthrough event.

This further created a market bullish bias that could fuel the rally.

Beyond that point, the Long/Short Ratio suggests a relatively even division leaning slightly in favor of long positions. In other words, there’s potential for Filecoin’s upward trend to continue further without yet reaching overly extended or highly leveraged conditions.

$6.77 resistance comes to light

Interestingly, the next significant resistance in line for Filecoin is at around $6.77 price level.

Read Filecoin’s [FIL] Price Prediction 2024–2025

At the current moment, technical signals suggest that the altcoins’ price trend might propel them towards testing the significant resistance level. This optimistic outlook is bolstered by the rising Open Interest (OI) – Weighted Funding Rate and an advantageous market configuration.

Combining increasing Financing Costs, high trading volume for forced closures, and surpassing crucial resistance level at $4.83, created an optimistic outlook for Filecoin’s near-term market movement.

2024-11-25 21:43

Growing confidence in Filecoin

Liquidations also leans bullish

$6.77 resistance comes to light

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