According to a price analysis, the Filecoin (FIL) price appears to have entered a potential uptrend.
After XRP’s impressive rally and XLM’s rise like in 2021, all eyes turned to major altcoins. The fact that cryptocurrencies that have been in the market for a long time are starting to gain value is giving signs of a new trend.
Within the framework of this new altcoin trend, a notable target has been identified for FIL. According to the analysis prepared by AMBCrypto, FIL is supported by the bulls and is targeting new highs with the bullish triangle formation.
The analysis included the following statements:
“The FIL chart is showing an upward trend and this could be a sign of a potential price increase. FIL is trading in a formation that points to $28.”
According to AMBCrypto, the overall market sentiment supports the bull run as market participants expect a sustained uptrend, with major altcoins in particular hosting regular inflows of new money.
Last month, FIL gained 94.18 percent and increased by over 5 percent in the first days of December. The analysis indicates that the direction of FIL's movement will be determined in the coming hours and that a major increase could occur if a bullish trend emerges.
According to Coinglass data, Open Interest (OI) and Funding Rate in FIL are showing positive momentum.
The following expressions were also used in the analysis:
“FIL may continue its upward trend and its price may rise to double-digit levels.”
According to the analysis, a bullish triangle formation has formed on the FIL charts, indicating bullish momentum. FIL managed to rise above this formation. It was emphasized that FIL needs to stay above the $6.71 level for the rally to continue. A possible resistance break could take FIL to $16.8. The analysis predicts that the next target of the potential rise will be $28.