Filecoin Charts point to a huge surge soon

Filecoin (FIL / USD) is on the verge of a breakthrough. The coin had previously consolidated for over 2 weeks and made several attempts to break out to the top. Meanwhile, Fil has weakened the resistance and could very soon have a successful breakthrough. Investors are expecting a big move soon due to weeks of consolidation in a tight trading range. Fil also tried to break out on Wednesday but was rejected and pushed down. Nevertheless, the resistance has been tested several times and is now weakened: a successful breakout could occur shortly. Several indicators point to a bullish breakout. Hence, this could be a great breakout trade.

Fil has formed a symmetrical triangle and has reached the end of the triangle, is now trading in a very narrow range, and could break out soon.
After nearly 8 months of consolidation, a breakout could bring huge returns in the coming weeks.
However, Fil has reported a false breakout multiple times in the past. Hence, investors need to be patient and wait for a clear breakout. So investors should wait for the price to confirm the breakout before entering, so as not to get caught in another false breakout.
A bullish RSI divergence was also observed on Saturday, which also indicated an imminent breakout.
A target of $ 84 can be set, and the $ 84 mark could also be hit in the coming months.
In the event a false breakout is observed, a stop loss can be placed at USD 60.

Conclusion

Fil has formed a very bullish structure and investors can expect some huge returns after a breakout. However, you need to be patient before jumping in and waiting for a clear breakout.

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