Filecoin

<a href="https://www.blockhead.co/tag/filecoin/" rel="noopener noreferrer nofollow">Filecoin</a> (FIL) broke out of its compact price range with a 27% pump over the past 24 hours to lift it above the $7 price level. Earlier, FIL had been stuck in a price range between the range low of $5.24 and range high of $6.34.An uptick in its daily trading volume spurred a series of bullish candles on the lower timeframes, leading to the price breakout.<h3 id="buyers-sustained-bullish-momentum-by-claiming-key-resistance-level">Buyers sustained bullish momentum by claiming key resistance level</h3>The bullish momentum took FIL above the $7.6 resistance level, as buyers aimed to solidify the upward trend. Despite the price dip at $7.6, buyers consolidated at the level with the latest four-hour candle closing above the resistance level.This presents a buying opportunity for intraday traders at the current price levels. Zooming out to the daily timeframe showed that the next key resistance price zone is $9.17.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f64f04d28eea44fe81f53af8a0504f1c.png" />FIL/USDT on TradingView (4H Timeframe)As such, buyers can enter at current price levels and look to ride the bullish wave to the next resistance level for 20% gains. Short-term traders can leverage the low-risk opportunity to maximize gains from FIL’s bullish run.The inflow of capital to FIL strengthened the bullish conviction with the Chaikin Money Flow (CMF) posting a reading of &#43;0.28. Similarly, the buying pressure saw the Relative Strength Index (RSI) stay in the overbought zone, signifying sustained demand for FIL in the spot market.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7793fe0f171644e6ac44a074afc75d4e.jpeg" />FIL Funding Rate - Source: CoinglassMeanwhile, the sentiment in the futures market was also bullish. The positive funding rate signaled that long-position traders dominated the market with a firm belief that FIL would experience further upward movement.Combining both spot and futures market data, the sustained demand for FIL could propel the altcoin to $9 in the short to medium term.Subscribe to Blockhead&#39;s daily newsletter for <a href="blockhead.co" rel="noopener noreferrer nofollow">FREE </a>and stay in the loop on digital assets. Follow our <a href="https://twitter.com/blockhead_co" rel="noopener noreferrer nofollow">X </a>and <a href="https://t.me/blockhead_co" rel="noopener noreferrer nofollow">Telegram</a> for our latest updates too!

Filecoin (FIL) Breaks Out of Price Range With 27% Price Gain

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