- Filecoin gained by over 2.13% in 24 hours after a retest on the weekly timeframe
- IO-weighted funding rates and Bid & Ask Delta highlighted FIL’s potential to hit $30
Filecoin (FIL) continues to be an attractive investment for holders, with the last 24 hours seeing the altcoin gain by 2.13% despite a 30%+ fall in daily trading volume.
In fact, FIL/USDT saw a turnaround as it broke out from a long-term falling wedge pattern. The momentum carried FIL past its minor resistance levels, ending in a retest of the breakout point – A bullish confirmation signal.
FIL’s latest rally established a new support level, one which previously acted as a resistance during the consolidation phase within the wedge. Here, the $5.60-level proved to be an opportunistic entry point.
Source: Captain Faibik/X
If the bullish pattern persists, a price target of $30 might be feasible. This will project a significant upside from its press time position.
Additionally, the momentum of the breakout suggested that FIL could even surpass the anticipated mid-term target, assuming market conditions remain favorable.
Open Interest and Bid & Ask Delta
As FIL manoeuvred throughout the year, fluctuations in OI-weighted funding rates, which peaked notably during the surge in price, signaled traders’ willingness to pay a premium for holding long positions.
However, the Open Interest, though not consistently up, highlighted occasional spikes that coincided with uptrends – A sign of growing trader commitment.
According to the Bid & Ask Delta, buying dominated selling and yet, sometimes the trading environment was skewed. In fact, the retest has seen buying volumes double compared to the last two weeks.
Source: Coinglass
These metrics, when considered together, pointed to cautious optimism among traders about FIL’s potential to hit the $30-mark.
Despite the lack of uniformly positive indicators, the underlying strength in certain periods could propel FIL towards the aforementioned target.
FIL TVL, volume, market cap and FDV
Furthermore, Filecoin saw growth in Total Value Locked (TVL), with the same rising to $425.81 million. This surge in TVL seemed indicative of greater protocol usage and investor confidence.
Trading volume, though modest at $196,122 over 24 hours, signaled active participation, albeit on a smaller scale compared to other crypto assets.
The market cap of FIL stood at $4.13 billion, reflecting its significant presence in the crypto market. This was supported by a Fully Diluted Valuation (FDV) of $13.244 billion.
Source: DefiLlama
The upward trajectory in the cumulative TVL, despite fluctuations, pointed to growing interest and potential stability in FIL’s ecosystem.
This could mean that if the trend sustains itself, Filecoin might realize further appreciation in value, potentially the $30-level and utility.
