Filecoin Surges Past Key Resistance Zone
Filecoin's price has surged over 20% in recent days, pushing it to $0.8. This sudden rally comes amidst a broader market slump and has caught the attention of crypto traders.
The token broke above a key resistance zone, from $0.76 to $0.80, with increasing trading volume and positive Cumulative Volume Delta (CVD). The CVD's shift into positive territory indicates stronger aggressive buying pressure.
Derivatives also show a significant shift in positioning, with open interest jumping to $88.53 million, and the funding rate moving into positive territory at 0.0117%. This combination of price breakout, rising open interest, positive funding rate, and improving CVD provides stronger confirmation of the move.
For now, the key area to watch is the zone above the breakout, where a Fair Value Gap (FVG) sits around $80-$0.82. A drop below this range would weaken the bullish set-up and increase the risk of a deeper correction.