Filecoin (FIL) has broken out of a multi-year symmetrical triangle pattern, indicating a bullish trend and potentially targeting a $30 rally in the midterm. The breakout above the $6 resistance was supported by a significant surge in trading volume and rise in open interest, indicating strong market confidence. The breakout confirms the end of FIL's long-standing downtrend and signals a shift from bearish to bullish. Market analysts believe FIL is undervalued at current prices, and there is considerable buying interest, suggesting accumulation at discounted levels. The increase in open interest and trading volume reflects growing speculative activity and trader engagement. The long/short ratio shows a bullish sentiment among traders, although the short-term market appears more balanced. Despite bullish control, bears still exist and have placed downward pressure on FIL's price volatility. There have been significant liquidations, particularly during price corrections, where bullish positions were liquidated massively.



Other News from Today