The post Filecoin eyes $6.77 as FIL breaks major resistance level: What’s ahead? appeared on BitcoinEthereumNews.com.

contributor Posted: November 26, 2024 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. Filecoin [FIL] has finally broken above the consolidation pattern that it has been confined to for months, a move considered by many analysts as a significant technical breakout.  The altcoin’s price action is showing clear signs of decisively moving above the resistance level of $4.83, which has limited the upward movements since the 4th of July. This breakout comes with substantial market validation, as evidenced by the recent price action, which reached $5.727 at press time. The recent 20.07% surge since breaking past the resistance level in the past 48 hours indicates that the rally is far from over. The rally leaves the altcoin just 16% shy from the key resistance in line at $6.77. Source: TradingView Growing confidence in Filecoin AMBCrypto analysis of Coinglass data indicated that Filecoin’s OI-Weighted Funding Rate has maintained a positive trajectory, reaching new local highs. This suggested growing market participant confidence in FIL’s upward movement.  The sustained positive Funding Rate suggested that Filecoin’s long-position holders were willing to pay a premium, reflecting their bullish outlook on Filecoin’s near-term price action. Source: Coinglass Liquidations also leans bullish Also, recent liquidation data from Coinglass indicated a huge liquidation pool of 283.74K at the $6.262 price level, which pointed to intense market participation during the breakout. This further created a market bullish bias that could fuel the rally. Source: Coinglass That is not all; the Long/Short Ratio indicated a balanced distribution with a slight bias toward longs. So, Filecoin’s rally still has room for extension before reaching excessive leverage levels. Source: Coinglass $6.77 resistance comes to light Interestingly, the next significant resistance in line for…

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Filed under: News - @ November 25, 2024 9:18 pm