Filecoin Breaks Key Resistance at $6.50 as Analyst Predicts Bullish Surge to $30

• Filecoin’s breakout above $6.00–$7.50 marks a reversal from a prolonged bearish trend, supported by a falling wedge pattern.
• A golden cross on the 4-hour chart highlights bullish momentum, with MA50 near $7.07 acting as dynamic support.
• Resistance at $17.00 aligns with Fibonacci levels; a price target of $30.96 reflects the falling wedge’s measured move.

According to analyst Captain Faibik, Filecoin (FIL) has recently demonstrated a breakout, suggesting a shift in its price movement. After months of consolidation, FIL’s price broke past a descending trendline, which had been a major resistance since its all-time high of $440 in 2021. 

The breakout, occurring within the $6.00–$7.50 range, marks a potential reversal from a prolonged bearish phase to a bullish trend. Analysts point to specific technical indicators, including a falling wedge pattern, major support and resistance levels, and a substantial projected price target, to underline the strength of this development.

Major Trend Reversal and Key Support Zones

The long-term descending trendline, stemming from Filecoin’s ATH in 2021, has historically rejected multiple breakout attempts. Breaking this resistance indicates a reversal in market sentiment. The breakout coincided with a falling wedge pattern, a well-recognized bullish reversal structure.

Immediate support now lies within the $6.00–$7.50 zone, which could serve as a foundation for further upward momentum. A deeper support level exists at $4.00–$5.00, but analysts consider this less likely to be tested given the strength of the current breakout.

On the resistance side, FIL faces its next significant hurdle at $17.00. This level aligns with projections from the breakout and corresponds to the broader Fibonacci retracement zones. Beyond $17.00, the price target rises to $30.96, reflecting the wedge pattern’s measured move.

Golden Cross Validates Positive Trend

The 4-hour timeframe analysis highlights a bullish golden cross, where the 50-period moving average (MA50) recently moved above the 200-period moving average (MA200). This crossover suggests that the medium-term outlook remains positive. The MA50 currently serves as a dynamic support level near $7.07, while the MA200 offers a deeper support zone at $5.83.

Despite a correction from $8.30 to $6.30, trading volume during the breakout phase was notably high, confirming robust buying activity. The subsequent decline in volume during the correction phase reflects reduced selling pressure, hinting at consolidation.

Price Levels and Broader Market Context

The most immediate price level to watch is $7.07, corresponding to the MA50. A break above this level could lead to a retest of $8.30. Resistance at $8.50 marks another critical psychological level. Failure to hold the $6.30 support could push the price toward the MA200 at $5.83.