Analysts Highlight $20-$30 Range: Filecoin’s Breakout Signals Upside Potential

• The Long-term trendline breakout of Filecoin’s (FIL) indicates the potential of a large bullish trend.
• Price targets are expected at $20-$30 depending on analysts and overhead technical signs.
• Macroeconomic environment and wider market conditions therefore are still essential to the direction of FIL going forward.

One of the most popular and trending cryptocurrencies Filecoin (FIL), has activated the interest for such a shift after piercing through a noteworthy trendline which is positioned on the one-week (1W) time frame chart. Technical understanding of this phenomenon is attributed to the beginning of a powerful bullish trend, which generates interest among investors.

1W timeframe shows that the price of FIL was constantly declining since the beginning of 2021. This long-standing trendline proved a stiff resistance level to the cryptocurrency and was recently breached, a major event for the cryptocurrency. Indeed, after the breakout, FIL’s price tested the trendline, which is generally seen as another sign that the breakout was valid.

The retest was positive as price bounced back from the trendline and the 4- hour chart was closed with a bullish engulfing pattern. The current standing of FIL above the moving average further supports the case of the upward trend persisting in the next weeks.

Price Targets and Market Sentiment

The breakout’s implications have fueled speculation about FIL’s next price targets. With the trendline now functioning as support, analysts project significant upside potential. Looking at the previous price higher highs and higher lows, FIL can revisit previous bullish formations and touch between $20-30. This is a positive trend that also fits into the development of the market where the certainty of investing in digital assets starts to recover.

At press,FIL is trading at $5.35 with a price surge of 2.1% . However, historical support at $5.20 has been a key level against which bulls have defended strongly. Resistance at $5.39 time frame can be considered as the major support for the recent up move.

Source:Coingecko

Nonetheless, the bullish technical signals, shown by FIL, have supported the consecutive movements and FIL’s future stock movement will also be reliant on macroeconomic conditions and general market sentiment. The current trendline breakout and successfully retested position of Filecoin is quite unique.