Filecoin Breaks Key Trendline, Signals Rally to $64
Filecoin (FIL) is trading above a long-term descending trendline on the daily chart, suggesting a bullish breakout. Despite a 20.98% dip to $2.61 in 24 hours, FIL surged 52.87% over the past week, forming a bullish flag that signals continuation above the $2.7 support. Key resistance levels sit at $3.4 and $3.9, while buy liquidity between $1.8–$2.1 underpins accumulation. A sustained close above $2.79 could target short-term gains near $4.5–$5.0 and longer-term objectives toward $64, driven by growing decentralized storage demand. Traders should watch support at $2.4 to avoid reversal toward $1.9.
Bullish
Filecoin’s break above its long-term descending trendline, combined with a strong weekly gain of 52.87% and formation of a bullish flag, signals robust buying momentum. Historically, altcoins that clear key resistance patterns and sustain above broken trendlines often continue upward; for instance, Chainlink’s 2023 trendline break preceded a 75% rally. The accumulation of buy orders between $1.8 and $2.1 reduces downside risk, providing a solid support base. Short-term resistance at $3.4 and $3.9 marks potential profit-taking levels, but relaunches above these could propel FIL toward $4.5–$5.0 in the near term. Long-term, holding above $2.4 validates the breakout, targeting multi-month gains toward $64 amid growing demand for decentralized storage. Traders may increase position sizes on confirmed retests of $2.7, while monitoring trend indicators. Overall, this setup is bullish, offering both immediate and extended upside with defined risk parameters.