- 75.71% of top FIL traders on Binance held long positions, while 24.29% held short positions.
- Filecoin could soar by 40% to reach the $7 level if it holds 200 EMA on a daily time frame.
As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. The current interest in Filecoin (FIL) is reminiscent of the pre-bull run phases we’ve witnessed before, where whales and traders start accumulating before the price skyrockets.
Among various cryptocurrencies, Filecoin (FIL) is one that has successfully maintained its value during the latest market downturn.
On December 20, 2024, the entire crypto market witnessed a substantial drop in prices, resulting in approximately $1.18 billion being liquidated.
Whales’ rising interest in FIL
The recent surge of asset liquidations is causing apprehension among investors and dealers. However, despite this uncertainty, it’s worth noting that large investors (whales) have demonstrated a significant interest and belief in the FIL token, as indicated by data from the on-chain analysis firm Coinglass.
According to the data from FIL’s Spot Inflow/Outflow, there has been a substantial withdrawal of approximately $13.85 million in FIL across various cryptocurrency exchanges.
In the world of cryptocurrencies, “outflow” means the transfer of digital assets from exchanges into the personal wallets of long-term investors. The patterns shown by these on-chain statistics could indicate a possible surge in prices and a promising moment for crypto investors to invest.
Traders go long on FIL
Apart from long-term investors being quite active with the token, there’s been a significant level of engagement from traders as well.
As a crypto investor, I’ve noticed that, based on Coinglass data, the Binance FILUSDT Long/Short Ratio was at 3.12, indicating a robust bullish sentiment among traders on the platform. At the moment of writing this, approximately 75.71% of top Binance traders were long on Filcoin (FIL), while around 24.29% were short on it. This suggests that the majority are betting on FIL to increase in value, which could be an interesting trend to monitor.
Filecoin’s technical analysis and key levels
As whale activity increases and traders take notice, the cryptocurrency known as FIL has reached a significant point of resistance, aligning closely with its 200 Daily Exponential Moving Average.
Based on AMBCrypto’s examination of technical trends, Filecoin (FIL) appears to have tested the 200 Exponential Moving Average as a source of support and is now trending upwards.
According to current trends and past performance, if Filecoin (FIL) maintains its position above $4.75, there’s a possibility it could increase by approximately 40%, reaching around $7 soon. On the other hand, if FIL falls below its 200 Exponential Moving Average (EMA) and ends the daily trading period below $4.70, a potential drop of about 30% might be seen in the near future.
Read Filecoin’s [FIL] Price Prediction 2024–2025
Currently, FIL is close to being priced at around $4.71, and it has seen a drop of more than 16.5% within the last day.
In the identical timeframe, there was a 14% rise in trading activity, suggesting that more traders and investors are getting involved as the market experiences a downturn.
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2024-12-20 21:11