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Filecoin Price Analysis: FIL tests $70-$75 previous support as resistance, reversal to follow?

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  • Filecoin price analysis is bearish today.
  • FIL/USD has rallied to previous major support area.
  • FIL is likely to retrace some of the gains next.

Filecoin price analysis is bearish today as bulls have pushed the market towards previous major support area around $70-$75, which now likely acts as a resistance. Therefore, we expect FIL/USD to see a reaction lower over the next 24 hours.

Filecoin Price Analysis: FIL tests $70-$75 previous support as resistance, reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Bitcoin managed to increase by 6.83 percent, while Ethereum followed with a 6.48 percent gain. Filecoin (FIL) is among the best performers, with an increase of almost 17 percent.

Filecoin price movement in the last 24 hours: Filecoin rallies towards $70-$75 resistance area

FIL/USD traded in a range of $60.99 – $73.00, indicating strong volatility over the last 24 hours. Trading volume has increased by 150 percent and totals $1.725 billion, while the total market cap trades around $7.77 billion, ranking the coin in 23rd place overall.

FIL/USD 4-hour chart: FIL to retrace some of the overnight gains today?

On the 4-hour chart, the Filecoin price has slowed down around the $70-$75 resistance area, indicating an upcoming reversal.

Filecoin Price Analysis: FIL tests $70-$75 previous support as resistance, reversal to follow?
FIL/USD 4-hour chart. Source: TradingView

Overall, Filecoin price action has seen bearish price action development over the past weeks. After peaking at around $120 on the 6th of September, a strong drop lower to $70 followed.

Over the following weeks, FIL/USD consolidated in an increasingly tighter range, with the $75 mark serving as support. Breakout lower was finally seen on the 24th of September, resulting in a spike to $50.

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From there, Filecoin price consolidated above $55 earlier this week, until some bullish momentum returned yesterday. FIL/USD started to rapidly advance, with the $70 mark reached overnight.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bearish today as a strong resistance area has been reached after a strong move higher overnight. Therefore, we expect FIL/USD to retrace some of the gains later today and look to set a higher low.

While waiting for Filecoin to move further, read our guides on how to create NFT art, NFT marketplaces, as well as Coinbase Wallet review.

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Filecoin Price Analysis: FIL breaks below $66, more downside to follow?

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  • 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.

Filecoin Price Analysis: FIL breaks below $66, more downside to follow? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: FIL breaks below $66, more downside to follow?
FIL/USD 4-hour chart. Source: TradingView

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.

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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.

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Filecoin Price Analysis: FIL to surpass the intraday highs of $73

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  • 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.

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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.

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Filecoin Price Analysis: FIL to surpass the intraday highs of $73 1FIL/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.

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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.

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Filecoin Price Prediction 2021: Will FIL Price Moon to $250?

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Evolving crypto market is delivering groundbreaking unique projects every day. One of the innovative crypto assets that stunned the space with its distinctive features is Filecoin (FIL).

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.

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Overview:

Cryptocurrency.Filecoin.
Token.FIL.
Price.$72.24.
Market Cap.$7,973,017,806
Trading Volume.$1,529,532,179
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.

Fundamental Analysis

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.  

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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 FilecoinInterplanetary 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.

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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. 

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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.  

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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.

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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:

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.

Digitalcoinprice:

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.

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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:

2020:

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.

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FAQ

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)?

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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.

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