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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
The maximum price for the first 14 days is way lower than the coin’s all-time high of $237.24.
The long-term Filecoin price prediction also shows a probable bullish trend that will go on past 2022, as seen in the chart below
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
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.
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.
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
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.
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.
Going by the above Filecoin forecast based on the USD predictions, FIL has excellent prospects of continuing its current bullish trend.
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.
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.
Filecoin Price Analysis: FIL breaks below $66, more downside to follow?
- Filecoin price analysis is bearish today.
- FIL/USD has continued to decline today.
- Closest support at $63.
Filecoin price analysis is bearish today as bearish momentum has continued to push the market lower over the past few days and the $66 local support has been broken. Therefore, we expect FIL/USD to continue lower and test the $63 mark next.
The overall market traded in the red over the last 24 hours, with Bitcoin down by 0.31 percent. Meanwhile, the top altcoin, Ethereum, has lost 1.62 percent, while Avalanche (AVAX) is among the worst performers, with a loss of 5.3 percent.
Filecoin price movement in the last 24 hours: Filecoin breaks below $66
FIL/USD traded in a range of $65.10 – $67.92, indicating low volatility over the past 24 hours. Trading volume has declined by 31.95 percent and totals $466 million, while the total market cap trades around $7.41 billion, ranking the coin in 26th place overall.
FIL/USD 4-hour chart: FIL targets $63 next?
On the 4-hour chart, we can see Filecoin price action continuing to move lower over the past hours, indicating that the market is headed to $63 next.
Filecoin price has seen bearish momentum return over the past weeks. After a strong rally during the beginning of October, FIL/USD eventually peaked at $81.
From the $81 mark, a several-day retracement of over 20 percent followed until a new swing low was set at $61 on Wednesday. The following reaction took FIL to $72, where a lower high was set.
Since then, the Filecoin price action has steadily declined, with the $66 support broken after some initial hesitation. Overall, FIL/USD is expected to decrease over the next 24 hours, with the closest support located at $63.
Filecoin Price Analysis: Conclusion
Filecoin price analysis is bearish today as more downside was seen over the last 24 hours and the $66 support was broken. Therefore, we expect FIL/USD to continue declining over the next 24 hours.
While waiting for Filecoin to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.
Filecoin Price Analysis: FIL to surpass the intraday highs of $73
- Filecoin price analysis is bullish today.
- FIL/USD is trading at $71.
- Market likely to reverse later today.
The price of Filecoin is currently in an uptrend, which might continue today as the previous major resistance has been breached and will act as a support. As a result, we anticipate that FIL/USD will not see further losses later today.
Filecoin price movement in the last 24 hours: Filecoin is trading in a tight range today
Having reached a high of $62.73 and a low of $71.36 – the price is currently hovering around $72 – this narrow range might continue for some time as traders wait to see whether there will be more gains or not.
The bulls have again taken over the market. Filecoinshowsoonhas gained more than 16% since our last analysis. We still expect the price to move further up as the previous support at $58 now acts as resistance and is likely to be breached with ease.
Filecoin is currently in an uptrend which might continue today as the previous major resistance has been breached and will act as a support. As a result, we anticipate that FIL/USD will not see further losses later today.
Additionally, as major resistance has been breached and now acts as support, we anticipate that there will be more gains soon. Should this assumption prove true, it would mean that FIL/USD will continue trading higher than its opening price.
The most logical scenario would see FIL/USD reach the next resistance at $75, which is the upper limit of our range. At this point, it would be appropriate to analyze market activity for clues about whether further gains are likely or not.
FIL/USD 4-hour chart: FIL to hold above $73?
On the 4-hour chart, we may observe Filecoin pricing approaching previous resistance at $73, which could now serve as a barrier.
FIL/USD 4-hour chart. Source: TradingView
The price of Filecoin has made a solid recovery in October. After a new low was set at $55 on September 30, there was a strong upswing on October 1.
Technical indicators on the 4-hour chart are showing that the uptrend is likely to continue as well.
Moving average convergence/divergence (MACD) – which acts as a momentum indicator – shows that buyers have taken over and intend on pushing prices further up. The blue MACD line has made a bullish crossover with the red signal line, indicating the potential for further gains in the near term.
Filecoin Price Analysis: Conclusion
As major resistance has been breached and now acts as support, we anticipate that there will be more gains in the near future. Should this assumption prove true, then it would mean that FIL/USD will continue trading higher than its opening price. The most logical scenario would see FIL/USD reach the next resistance at $75, which is the upper limit of our range. At this point, it would be appropriate to analyze market activity for clues about whether further gains are likely or not.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Filecoin Price Prediction 2021: Will FIL Price Moon to $250?
The beginning of the year 2021 turned out to be extremely bullish for FIL price as the asset boomed by almost 440% surpassing the triple-digit milestone with huge institutional investments pouring into the asset.
Amazed by what caused the FIL price to Soar? Would you like to know more information on FIL? Well, you are in the right place. Here, in this article, we’ll give a detailed guide on its fundamentals, updates, and close Filecoin price prediction.
|Circulating Supply.||110,367,243.00 FIL|
|All-time high.||$237.24 April 1st, 2021.|
|All-time low.||$2.74 on January 30th, 2019.|
What is Filecoin (FIL)?
Filecoin is a trusted decentralized storage system that’s objective is to “store humanity’s most important information”. Moreover, the asset is an open-source cloud storage cryptocurrency launched with the aim of blockchain-based cooperative digital storage and retrieval.
Similar to Ethereum, Cardano, and many other assets, Filecoin has its own native token FIL. This is an ERC 20 token in Binance smart chain mainnet. This native protocol incentivizes a global network of computer operators to pay for digital storage and retrieval, and for other transactions on the platform.
The initial release of the Filecoin was on 15th July 2014 and went live to the mainnet in October 2020. The platform was founded by Juan benet.
Juan Benet was a Computer scientist from the USA, who completed his studies at Stanford University. In order to bring revolutionary changes in the DeFi space, he launched Protocol labs in the year 2014. With the aim of promoting Filecoin, Interplanetary File System (IPFS), a peer-to-peer storage network, and other projects, he attended Y combinator in the summer of 2014.
Prior to Filecoin mainnet launch in July 2020, Truffle Suit company, the best tool provider for smart contracts declared that it would be allowing Filecoin to facilitate its investors to build DeFi Apps with 100% uptime. This could be done by extracting the benefit of Filecoin’s digital storage miners across the world.
In October 2020, Filecoin announced a partnership with ConsenSys with the aim of serving millions of traders by enabling a chunk of new cost-efficient digital data storage options & storage miners around the world. A similar collaboration with ConsenSys was announced in October 2020, which saw Filecoin’s distributed marketplace integrated into the ConsenSys Ethereum-based product stack, serving millions of users with access to an array of new cost-efficient data storage options.
As per the sources more than 60 tech firms have collaborated with Filecoin and the platform exceeded 1 exbibyte of storage capacity in November 2020. Since its mainnet launch, the Filecoin platform has been utilized in the integration of Textile’s Powergate, a multi-tiered storage service. And Space, open-source digital file storage, sharing, and collaboration network.
Huobi Group partnered with Protocol Labs in November 2020. And in order to help creative Filecoin developers and academic research announced the launch of a $10 million incubation center.
Filecoin Price Prediction 2021:
The first quarter of the year 2021 turned out extremely positive for Filecoin, as the asset started its bullish rally from the very first day. With a trading value of $21.81, FIL price resumed its bull run in January.
On a hopeful note, the coin dramatically started to accelerate. By March 15th, the price of the coin soared beyond $80. Then, surprisingly FIL price skyrocketed to hit ATH at $237.24 on April 1st, 2021. After reaching the milestone number the asset stumbled back to $72.79 on May 22nd, 2021 due to the Chinese market crash.
The token continued to fall till mid-July, where the price almost dipped to $45.62 returning to its initial levels back in January. Later the price started a study rise from there, smashing the $100 mark yet again in September. Once again market turmoil coming out of the Chinese market plunged the price back to $59.12
Will FIL price boom in Q4? The Filecoin price is currently trading at $72.21 with 5.73% gains in the last 24 hours. The immediate resistance level is at $52.23 break out could result in a massive FIL price explosion.
Filecoin is expected to continue this bullish trend throughout this year. Based on its growth pattern and predictions, the asset could smash a maximum of $190 by the end of 2021. Minimum the price may flip to $48. With average buy and sell pressures the altcoin could end up trading at $115.
FIL Price Prediction 2022:
If the altcoin hits positive highs by the year’s end, then 2022 may start with a bullish note, if it falls down, then the new year journey may resume on a bearish note with $150.As some of the upgrades are in the pipeline, if the network fails to introduce at the said time, then the price may plunge down to $102.23 by the end of 2022.
With successful upgrades the asset could moon to $225.54.However, with regular buying and selling pressures, we can see FIL price trading at an average value of $141.25 by the end of next year.
Filecoin Price Prediction 2025:
In 5 years, the Filecoin price might continue to peak and it may break all its past price records by touching the new height. Altcoin might announce new services to its trading to enhance the minds of the investors to invest in FIL. In 5 years, the asset might reach the $500 mark.
FIL Price Market Prediction:
Walletinvestor made a decent prediction for FIL. They expect massive growth prices in the upcoming years. For the year 2021, they predict that the FIL price may reach a maximum of $128.246 and at minimum, it would flip to $32.983. And by the end of 2021, the price would end up trading at an average price of $81.768. The coin price may nearly double and hit $364.345 in 2025.
A crypto prediction website has revised their price prediction for FIL, they forecast that the price is expected to close its trading at $112.92 by 2021. In 2022-2024, an average price close to $128.70 to $154.06 is predicted.
Our Filecoin (FIL) Predictions:
The constant upgrades and partnerships will give a massive boost to the price of Filecoin (FIL). With recent network upgrades, the price is rising extremely positively.
According to Coinpedia’s formulated Filecoin price prediction, with a spike in bull market sentiments, FIL’s price may skyrocket to $150 by the end of the year 2021. On the downside, future market fluctuation and increased competition may adversely affect the altcoin’s price to see a downtrend in the upcoming months, which may result in a collapse of the coin’s price to $30.
Year. Potential High. Potential Low. 2021 $150 $48 2022 $225 $82 2025 $350 $178
Historic Market Sentiments:
Filecoin entered the market in 2020. Later on, the price started to improve and reached $5 at the end of November. With certain fluctuations, the FIL price ended 2020 with a trading price of $4.97.
Is Filecoin (FIL) a good investment?
Yes, if you are planning for the long-term FIL price looks promising, as the coin is planning for expansion and more collaborations.How high may Filecoin price hit by the end of 2025?
Filecoin has a huge potential to reach new ATH’s as per the fundamental analysis. According to crypto analysts, altcoin can hit the $300 mark by the end of 2025.Where can I buy Filecoin (FIL)?
Filecoin is available across popular platforms such as Binance, Coinbase, Huobi, and more. You can easily register there and can trade the coin.Will Filecoin hit $200 by the end of the year 2021?
If the current bullish trend continues and if the coin plans for more updates and partnerships, Filecoin’s price is expected to hit $200 by the year-end.