![Filecoin [FIL] could ensure another 20% hike, if Bitcoin [BTC]….](https://i.headtopics.com/images/2023/1/29/cryptoamb/filecoin-fil-could-ensure-another-20-hike-if-bitco-filecoin-fil-could-ensure-another-20-hike-if-bitco-1619599478167592962.webp)
Filecoin [FIL] could ensure another 20% hike, if Bitcoin [BTC]....
FIL got into an extended price consolidation between mid-November and mid-December 2022 after a massive drop following the FTX saga.
It fell from $6.554 to $2.433, shedding over 60% of its value. But the $2.906 support level was steady enough for bulls to launch recovery from.FIL’s uptrend momentum in January has seen investors recover most of the losses after the FTX saga. But a short-term selling pressure zone and $6.016 hurdles prevented full recovery to the pre-FTX level of $6.348.However, a break below $5.182 and the uptrend line would invalidate the bullish bias described above. Such a drop could settle at the $4.
However, FIL’s Funding Rate remained positive, suggesting an underlying bullish outlook on the asset. Further demand for FIL in the derivatives market could bolster the uptrend momentum and inflict a price reversal. In addition, there was an uptick in FIL’s trading volume after a sharp decline. But the uptick was yet to bolster buying pressure by press time. Therefore, investors should track BTC performance, especially on the $23.5K and $22.5K levels.Subscribe to get it daily in your inbox.
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