SasanSeifi| Is Filecoin Ready for a Bullish Rebound?
2024-09-25

Hey there, ✌In the daily timeframe, as you can see, Filecoin ( BINANCE:FILUSDT ) has been in a downtrend for a while, falling from the $10 range. After this decline, the price found support around the $3 range, showing positive reactions and some volatility. Currently, the descending trend line, which had multiple touches, has been broken, and the price is now trading around $3.90.

Considering the $3 demand zone holding and the breakout of the long-term downtrend, there seems to be potential for some minor upward moves in the future.
🔹 One scenario to watch is that if the price breaks through the $4 level with strong momentum and stabilizes above it, we could see growth towards the $4.20 target and the supply zone around $4.50.

🔶 If the price rises, it will be important to monitor how it reacts to these levels to better understand the future trend. After a potential negative reaction and minor correction, the price could push up again and reach as high as the $5.50 to $6 range.

 🚨Key support levels to watch are $3.50 and $3.20. Holding above these levels is crucial for maintaining the bullish outlook. ❗❗

⭕(The chart is logarithmic.)

💢This analysis is my personal viewpoint and not financial advice. If you found this helpful, please like and comment – I’d love to hear your thoughts! Happy trading! ✌😊

