Filecoin is poised for notable upside rally. If FIL breaks out of the zone and closes a daily candle above $4.80, it could rally by 47%.
is poised for upside momentum after trading within a tight range for nearly five months. Currently, the overall market sentiment is bullish, with the majority of cryptocurrencies experiencing breakouts and upward momentum.Amid this positive outlook, FIL has formed a bullish price action pattern on its daily chart, gaining strong support from both traders and investors.
The asset was trading above the 200 Exponential Moving Average on the daily timeframe at press time, indicating an uptrend. Additionally, its Relative Strength Index signals a potential rally, as it is in oversold territory.Filecoin’s technical analysis is further supported by on-chain metrics. Recently, traders have been observed aggressively participating, resulting in a significant rise in open interest .
As of now, the major liquidation levels are at $4.43 on the lower side and $4.75 on the upper side, with traders overleveraged at these positions, according to Coinglass data.If market sentiment remains unchanged and the price rises to the $4.75 level, nearly $1.5 million worth of short positions will be liquidated. Conversely, if sentiment shifts and the price drops to the $4.43 level, traders holding approximately $6.21 million worth of long positions will face liquidation.
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