The cryptocurrency market is experiencing a robust bullish trend, particularly after Ethereum surpassed the $4,300 mark. However, Filecoin continues to face challenges.
Current Situation in the Cryptocurrency Market
The cryptocurrency market is on the rise, thanks to Ethereum's significant growth over the past month. However, Filecoin (FIL) is underperforming despite the overall optimism.
Fractal Setup and Its Historical Context
On the daily chart, FIL is forming a broad falling wedge, often associated with accumulation phases and subsequent bullish breakouts. Last time, in late 2024, FIL successfully exited its downward trend.
Forecasts and Possible Scenarios for Filecoin
If FIL can break above the 100-day moving average and the resistance line, it could lead to a strong rally similar to the past one. A potential target could be the zone above $3.80.
If historical trends repeat themselves, Filecoin could be in for significant recovery and increased investor interest.
