SasanSeifi| Is Filecoin Ready for a Bullish Rebound?

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Hey there, ✌In the daily timeframe, as you can see, Filecoin (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! ✌😊

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Filecoin has achieved a growth of approximately 8%, successfully hitting the target of $4.20 at this point.🍻🚀🤑

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Update✅

As observed, the price has risen about 8% to the first target of $4.20 and has since retraced to the demand zone. Currently, the price is showing a positive reaction again at this demand level.

🔴 If this support zone holds, the likelihood of a price return towards the levels of $4.20, $4.50, and even $5.50 is significant.

⛔️ Key support levels are at $3.50 and $3.20.

(The chart is logarithmic)