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Filecoin cryptocurrency (FIL) rises 25% amid market stagnation

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Filecoin (FIL) is on the rise. The currency, which powers a decentralized storage network, has soared 25% in the last 24 hours and 41% in the week, according to CoinMarketCap.

The price of a single Filecoin is US$106.10 this Sunday morning (5) and the currency’s capitalization – current price versus current supply – is just over US$10 billion. Filecoin is the 19th largest in market value.

The asset’s rise today occurs amid the stagnation or slight decline of other major currencies. Bitcoin (BTC) is at US$50,171, up 0.55% in the last 24 hours, and Ethereum (ETH) is up 0.63% for the day, quoted at US$3,918. Cardano (ADA) was down 1.71% and XRP was down 0.35%.

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The FIL started to rise on Tuesday (31) when the currency passed the US$ 70. On Friday (3), the asset jumped to US$ 77. Then, in a big jump on Saturday morning (4 ), rose to $84.

The price held steady until Saturday afternoon, when Filecoin rose again to $89, almost in an instant. An upward trajectory has persisted since then, bringing the currency to $106.10.

Despite the rise, the FIL is still far from its historic high of US$191, reached in March of this year. But the current price is the highest since mid-May, when the cryptoactive started to fall.

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Filecoin is based on IPFS, or InterPlanetary File System – a decentralized web hosting service developed by the creator of Filecoin, Protocol Labs.

Many NFT projects are starting to host their JPEGs on IPFS because it’s more decentralized than regular domain name hosting systems, where sites can be taken down without notice.

In May, Filecoin announced a free service called NFT.Storage for NFT creators to store their non-fungible tokens and any corresponding metadata in Filecoin.

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The Filecoin protocol was not fully launched until October 2020. The project raised $200 million in 30 minutes in a 2017 ICO, but the launch was marred by delays after delays.

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Filecoin Price Analysis: FIL swiftly drops to $60, set to reverse today?

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  • Filecoin price analysis is bullish for today.
  • FIL/USD found support above $60.
  • Bears are likely exhausted after a sell-off.

Filecoin price analysis is bullish today as we can see support found at the $60 mark after a strong sell-off yesterday. Therefore, we expect FIL/USD to reverse later today and look to regain some of the loss.

Filecoin Price Analysis: FIL swiftly drops to $60, set to reverse today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with bullish momentum over the last 24 hours. Bitcoin gained 2.91 percent, while Ethereum is up by 3.48 percent. Meanwhile, Tezos (XTZ) is the best performer today, with a gain of almost 20 percent.

Filecoin price movement in the last 24 hours: Filecoin swiftly move to the $60 mark

FIL/USD traded in a range of $59.23 – $64.52, indicating large volatility over the last 24 hours. Trading volume has declined by 18.47 percent and totals $1.39 billion, while the total market cap trades around $6.78 billion, ranking the coin in 23rd place overall.

FIL/USD 4-hour chart: FIL set to bounce today?

On the 4-hour chart, we can see the Filecoin price action rejecting further downside, indicating an upcoming reversal.

Filecoin Price Analysis: FIL swiftly drops to $60, set to reverse today?
FIL/USD 4-hour chart. Source: TradingView

The overall Filecoin price action has seen bearish momentum return this week. After a strong drop from the $120 all-time high set on the 6th of September, FIL/USD lost 40 percent until support was established around the $75 mark.

What followed was a consolidation in an increasingly tighter range last week, with several lower high set. However, on Monday, the market finally broke lower, resulting in a slow decline and, eventually, a spike lower yesterday.

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This time support was found above the $60 mark, with a small retest seen earlier today. Overall, this Filecoin price action development indicates that we will see reversal over the weekend as bears are likely exhausted.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bullish today as support was found at the $60 mark yesterday after a strong drop lower. Therefore, we assume FIL/USD is ready to reverse as bears are exhausted.

While waiting for Filecoin to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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Filecoin Price Analysis: FIL spikes to $70 overnight, ready to rally higher?

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  • Filecoin price analysis is bullish for today.
  • FIL/USD made another spike lower overnight.
  • The $70 major support still holds.

Filecoin price analysis is bullish today as another rejection for further downside was seen overnight, and the market has increased since then. Therefore, we expect FIL/USD to reach further upside later today.

Filecoin Price Analysis: FIL spikes to $70 overnight, ready to rally higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours. The market leader, Bitcoin, lost 0.53 percent, while Ethereum increased by 0.92 percent. Meanwhile, Cardano (ADA) is the market leader today, with a gain of more than 6 percent.

Filecoin price movement in the last 24 hours: Filecoin retests the $70 major support again

FIL/USD traded in a range of $70.19 – $78.58, indicating strong volatility over the last 24 hours. Trading volume has increased by 35.17 percent and totals $1.55 billion. Meanwhile, the total market cap trades around $8.26 billion, ranking the coin in 20th place overall.

FIL/USD 4-hour chart: FIL ready to rally?

On the 4-hour chart, we can see bulls slowly taking over the Filecoin price action with some upwards pressure building up.

Filecoin Price Analysis: FIL spikes to $70 overnight, ready to rally higher?
FIL/USD 4-hour chart. Source: TradingView

Filecoin price action saw bearish momentum return over the past week. After a quick spike to the $70 mark for the second time on the 13th of September, FIL/USD rallied to $90 on the 16th of September.

However, the Filecoin price reversed and, after some consolidation, declined to the $70 major support again. Yesterday, bulls rejected further downside, followed by another failed attempt to move lower overnight.

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Overall, this price action development indicates that a new significant swing low is set, and the market is ready to reverse to the upside again. FIL/USD is likely to rally over the next 24 hours and move to retest the $86 resistance latest this week.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bullish today as a new swing low has likely been set over the last 24 hours above the $70 mark. As FIL/USD rejected further downside, we expect bullish momentum to return later this week, with the closest resistance around $86.

While waiting for Filecoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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Filecoin Price Prediction 2021-2026

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Amid the current rebound by most cryptocurrencies like Ethereum Classic, Filecoin (FIL) has become an attractive investment opportunity for most investors, especially since its current price is affordable. 

We have produced several other cryptocurrency price predictions, including Cardano price prediction to help investors and traders understand the cryptocurrency market outlook, and here is a price forecast of Filecoin to help traders, as well as investors looking to buy it, understand what to expect in the future Filecoin price movements.

What is Filecoin (FIL)?

FIL cryptocurrency is the native cryptocurrency of the Filecoin blockchain. 

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Filecoin (FIL) facilitates data storage, on-exchange token trading, and file retrieval within the Filecoin blockchain ecosystem.

Filecoin does not have a total maximum supply since miners actively add new coins into the market every time.

For example, in the fall of 2020, 3.5 million FIL tokens were released to the Filecoin miners who participated in the so-called “Space Race” testnet phase that intended to increase the capacity of data handled by the Filecoin network by about 325 pebibytes.

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What is the Filecoin blockchain?

Filecoin blockchain is an open-source distributed cloud (off-site) storage platform that participants can store important information. 

The project was first conceptualized in 2014 as a peer-to-peer file storage network, an Interplanetary File System (IPFS)

The project’s mainnet was launched in October 2020 after conducting an Initial Coin Offering that raised $205 million in 2017.

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The Filecoin blockchain records information sent to it by its participants, and the records can be retrieved in the future but cannot be erased since they become part of the blockchain network.

The blockchain uses the proof-of-spacetime and the proof-of-replication consensus mechanism in validating new blocks. The proof-of-replication helps ensure that the same data is not replicated in the network, while the proof-of-spacetime allows storage of information for a given amount of time.

The Filecoin ecosystem has two types of miners; the retrieval miners and the storage miner.

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The retrieval miner nodes in the Filecoin blockchain network compete to serve users (clients) with any requested data as quickly as possible. In a nutshell, they retrieve stored information and avails it to any person who requests to view the information.

In exchange for retrieving the stored information, the retrieval miners are rewarded with FIL coins as fees. This reward encourages more nodes within the network to want to participate in the mining.

On the other hand, the storage miners provide storage space to users for up to a specific time. Therefore, they are in constant competition to land contracts to offer storage to people needing storage space.

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Once a storage miner strikes a deal with a user to offer the storage space, the miner holds the client’s data and seals it. In exchange for providing clients with storage space for their information, the storage miners are rewarded in FIL fees. 

The storage miners are the ones responsible for mining new Filecoin blocks. And they, in return, earn block rewards for mining the new blocks.

How does the Filecoin network work?

Unlike centralized cloud storage solutions like Cloudflare or Amazon (companies with central command centers), Filecoin offers decentralized cloud storage. Therefore, data or information stored in the Filecoin blockchain is more easily retrievable and, at the same time, hard to censor.

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By being decentralized, Filecoin allows participants to be the custodians of their data, and it is easily accessible to anyone who can access the internet throughout the world.

Who is Filecoin’s founder?

Filecoin network was founded by Juan Benet, an American computer scientist responsible for creating the Interplanetary File System (IPFS). 

Benet is also the founder of Protocol Labs, which he founded in 2014.

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Filecoin FIL price history

Filecoin (FIL) started trading in 2017 December 2017, a short period after conducting its ICO. The trading started long before the Filecoin mainnet was released. 

Between December 2017 and May 2020, FIL traded below $30. Then, starting mid-May, the Filecoin price started rising, and the bull trend continued until April 01, 2021, when it hit its highest price of $237.24.

Filecoin price historical data by CoinMarketCap
Filecoin price history chart by CoinMarketCap

After hitting its all-time high in mid-May 2021, Filecoin took a bearish turn, which continued until mid-July when the market turned bullish again. It is important to note that the Filecoin price remained above its beginning price even during the past bearish trend.

Filecoin Price Prediction 2021-2026 1
Filecoin price data presented by Coingecko

Going by the above table from Coingecko, it is evident that the FIL coin has been on a bullish momentum over the last 30 days due to the mass adoption of Bitcoin and other cryptocurrencies as well. Institutional investors are also attracted to the crypto industry as seen from the significant increase in adoption rate.

Filecoin technical analysis

Unable to go past the 190 USD resistance level, the Filecoin price dropped down to the support levels at 83.61 USD. The support levels calculation states that $178 is a support level.

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Filecoin Price Prediction 2021-2026 2
Forecast Filecoin on charts by Tradingview

In the 4-hour price chart, the cryptocurrency is trading above the 50-day Moving Average and below the 100-day Moving Average. This makes the price momentum of Filecoin in the next few days quite critical for the future. The current circulating supply is at 107,787,220 FIL.

And although the values of the resistance and support levels differ by a small margin, the Walletinvestor website reflects the same in its Filecoin technical analysis.

Coin trend
Coin trend by walletinvestor

Filecoin FIL price prediction 

Here is a Filecoin price prediction to help traders and investors understand what to expect if they invest in Filecoin.

In this price prediction, we shall look at the different price predictions that have been performed by different market analysts online.

Filecoin price prediction by Wallet Investor

Short term

Short-term Price prediction Filecoin by Walletinvestor
Short-term Price prediction Filecoin by Walletinvestor

Walletinvestor predicts the current bullish trend shall continue though at a slower momentum than what we have witnessed over the last few weeks. 

According to the price prediction shown in the table below, FIL shall register a maximum price of $140.985 and a minimum price of $27.709 in the first 14 days of October.

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The maximum price for the first 14 days is way lower than the coin’s all-time high of $237.24. 

Filecoin Price Prediction 2021-2026 3
First 14-days of September FIL Filecoin price prediction for 2021 by Walletinvestor

Long Term

The long-term Filecoin price prediction also shows a probable bullish trend that will go on past 2022, as seen in the chart below

Filecoin Price Prediction 2021-2026 4
Filecoin price prediction 2021-2022 by walletinvestor

It is important to note that according to the above chart, the maximum price of Filecoin is still forecast to be lower than its current all-time high. 

The prediction by the website states a price of $430.013 in the next five years. This is around five times the current price of Filecoin.

Filecoin price prediction by DigitalCoin

Short term

For the short term of 2021, Filecoin price prediction by DigitalCoin maintains an average price of 130.19 USD. This average price is later made divided into three months of 2021. For the month of October, the price is stated to be at $124.06, for November at $126.28, and finally for December at $134.99.

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Filecoin prediction for 2022 by DigitalCoin
Filecoin prediction for 2022 by DigitalCoin

For 2022, the price for January is set at $161 while for December is set at $130, indicating a bearish decline for the year end.

Long Term

For the long term of seven years, DigitalCoin predicts a price of $271.6 for 2025, $293.07 for 2026, $271.6 for 2027, and finally, $365.73 2028

DigitalCoin prediction
DigitalCoin prediction

Should you invest in Filecoin (FIL)?

According to Walletinvestor.com, FIL is considered a green coin, and the Filecoin forecast earnings are predicted to keep growing up to 2026, based on the growing need by people worldwide to get an online storage space where they can store their information.

Filecoin Price Prediction 2021-2026 5
Prediction Filecoin earnings by WalletInvestor if one bought FIL token

Although Filecoin’s current price is still way smaller compared to Bitcoin’s price, which is currently the most valued cryptocurrency, Filecoin has shown that it can be a profitable investment in the long term.

Where Can You Buy Filecoin (FIL)?

Suppose you are looking to buy Filecoin (FIL). In that case, there are several exchanges where you can do that, including Kraken crypto exchange, Gemini decentralized crypto exchange, and Huobi crypto exchange. You can exchange crypto here on a daily basis.

Conclusion

Going by the above Filecoin forecast based on the USD predictions, FIL has excellent prospects of continuing its current bullish trend.

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Additionally, the Filecoin blockchain network has a great potential for growth since it aims at solving one of the world’s perennial problems of file storage. By offering a decentralized data storage solution, people worldwide can easily store their data online without relinquishing the ownership of the data to a third party. In a nutshell, Filecoin participants retain data ownership.

At the same time, the FIL coin price prediction shows it can be a good investment opportunity for those looking for a cryptocurrency to invest in. If one bought the Filecoin (FIL) today, they would almost double their investment in a year’s time for every Filecoin coin they purchase, depending on the above Filecoin price forecast.

If one bought 100 five coins at the current averaged price of $83.4, and the above FIL prediction is maintained, he would at least double his investment according to our long-term forecasts. Investing in Filecoin is one of the wisest investment decisions but you need to do your own research too.

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The beauty of it is that Filecoin does not have a high price, meaning anyone can own one Filecoin coin contrary to the likes of Bitcoin. Even after 2022, the price of Filecoin will still be easily affordable to many if the above Filecoin price forecast holds.

Although the Filecoin price forecast shows a promising future ahead, one should be alive to the fact that the cryptocurrency market is highly volatile, and large crypto market swings do occur in fractions of seconds. Therefore, they should seek investment advice before deciding to invest in the Filecoin blockchain technology and its native cryptocurrency, FIL.

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