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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 Prediction 2021 – 2022: Market Analysis and Opinions

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What Is Filecoin? Filecoin is a peer-to-peer file storage network with built-in economic incentives to ensure that files are reliably stored over time.

Filcoin Price Prediction | Introduction

With global emphasis on decentralized file hosting on the rise, the future is looking sunny for Filecoin (FIL). The startup is one of the leading decentralized storage networks, making Filecoin price prediction all the more important. It can always be the next cryptocurrency to explode this year.

Most analysts think Filecoin (FIL) is tops among decentralized storage network cryptocurrencies, with the consensus being a strong buy. At the time of writing this piece, FIL traded at $38.98. FIL price prediction reveals a coin that effortlessly holds its rating with a market cap of nearly $5.2 billion, according to CoinMarketCap. 

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FIL price prediction reveals founded expectations of higher sales volumes in the long run and free cash flow, including tokens, leftover after capital expenditure, dividend payment to token holders, and financial obligations. Filecoin has excellent potential in both the short-term and long-term. 

Filecoin Price Prediction: Technical Analysis

Over the past few months, Filecoin (FIL) has reported values above estimates considering roller coaster conditions. On the technical side, Filecoin price prediction technical analysis shows the potential for short-term breakout development. Specifically, the token has been consolidating of late, trading support at $46.35 and $96.41 resistance. 

Filecoin Price Prediction
Image source: TradingView

As the chart above shows, if the $70 to $74 FIL price range holds and FIL moves above $80.46, we could see a move back to the $96.41 area and possibly a breakout beyond that. Of course, traders should expect short-term price rejection, but the potentially bullish development should prevail. 

The uptrend is being confirmed by a corresponding formation in the DMI scale. Certainly, FIL has a fair amount of work to do, with important resistance looming at $86.66. In addition, a move above $80.46 for RSI would confirm the odds for a FIL price prediction higher. 

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Filecoin Price Prediction
Image Source: TradingView

Nevertheless, the odds that, barring the major roller coaster ride the crypto market has been riding, the best of FIL is yet to come. Filecoin looks poised to deliver a strong enough turnaround to make a bullish finish to the year. This crypto looks to be testing its own important resistance at the 200-day moving average, which could be a signal for significant crypto gains to be made. 

FIL is certainly in the profit-making zone, having built up a solid breakout formation. If FIL prices fail, at the very least, to remain above their 50-day moving average without RSI climbing back above 50, things could get interesting for traders. 

The markets are all about future growth. The good news is analysts are upgrading their crypto price prediction estimates for Q3 and Q4 for 2020, with predictions revised higher. It is not too late to capitalize on this market action, as there is plenty of time before a reliable breakout is cemented. 

Filecoin Price Prediction: Market Opinions

Could FIL get back to history highs? The formation building up for a breakout is attracting optimistic Filecoin price prediction. The leading decentralized file storage network is staging a comeback that has taken up more than 50% from recent lows. 

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WalletInvestor

Out are predictions that the native currency to the Filecoin network was ready to retest $88 before the end of August 2021, amid a slew of positive headlines that, according to WalletInvestor, could push it higher. Back in vogue are predictions that FIL will keep rallying again to its all-time highs and beyond. 

Gov.Capital

Besides, there is plenty superlative to mark a movement to a new high of $187.6 within a year, according to Gov.Capital. Filecoin has been up four weeks straight, and the pace is ripe enough for a monthly advance to record new highs. This performance could be the most lucrative advance of cryptocurrency in a year. 

TradingBeasts

The optimism shared by TradingBeasts is, however, on a level of its own. The analysts predict a fast-paced advance over the next few months, vaulting towards $167 by the end of the year. This forecast collaborates with what WalletInvestor predicts could end with a value of $257 by the end of Q2 2022. 

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Digital Coin Price

Digital Coin Price forecasts a roaring valuation for Filecoin, predicting the coin could burst through inconceivable levels and settle for $458.22 in the next five years. That’s a positive outlook and positive catalysts to improve gains made to investors. 

In the short run, CoinQuora sees an esoteric formation for Filecoin, which could propel the crypto to $300 with the 2021 to 2022 timeframe. The technical analysis alone points to key metrics to support the idea that a solid uptrend could form as soon as a post-breakout price rejection is wiped out. 

All said the community on Reddit offers some attractive outlooks for Filecoin, with accompanying technical analysis adding weight to bullish and bearish sentiments. On average, the Filecoin price prediction for 2021 to 2022 is a price of $50 north and south of $250. 

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What does the pro trader think of FIL? Prominent swing trader, JalaPablo, shares the idea that Filecoin is preparing to take it to the moon. Likewise, crypto commentator BbiKkuMi has Filecoin listed firmly as a reliable buyer for the 2021-2022 cryptocurrency portfolio. 

Latest News and Happening Concerning Filecoin (FIL)

Strategies are tossing plenty of good news from Filecoin to justify a soaring price target, which has long been a part of the investment thesis behind a decentralized file storage network. 

At the start of August, Filecoin launched a collaboration seeking to accelerate the growth of the Web3 Stack. Partnering with NEAR, Filecoin launched a $300,000 joint grant to excite the community by supporting developers who want to explore new opportunities from this protocol. Participants will gain access to support product development. 

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More grants were directed to accelerate the development of hybrid smart contracts, launched in collaboration with Chainlink launched in August as well. The motive is to advance the economic and social advantage to accelerate the development of tamper-proof and immutable properties for decentralized file storage. 

Filecoin is investing big in Web3 interoperability because, as far as fortune-telling goes, this is the future of the internet. In late July, Filecoin launched yet another grant designed to encourage development in Web3 interoperability. The grant, which was launched in partnership with Hedera Hashgraph (the system to replace blockchain), aims to showcase the real-world utilization of both networks. If you’re also interested in knowing more about Hedera Hashgraph, feel free to check out our HBAR price prediction for 2021-2022.

Even better news for investors, Gemini Exchange, elected to serve as the custodian for Filecoin in the Australian jurisdiction. The news is significant because Gemini is a major play in cryptocurrency exchanges, and the plan to add Filecoin as part of its expansion drive to the Southeast adds a layer of confidence for investors to enjoy. 

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Gemini Exchange will hold Filecoin investments for multiple Australian Equity Managers. The fund includes equities managers with a focus on innovation and wealth management. Filecoin is positioned as a lucrative access point for wealthy investors, who are raising $18.4 million to raise over the next three months. 

This Filecoin fund is designed for investors to invest in a unique asset. It will pay in FIL at maturity, with each investor pocketing FIL tokens for their shares. This structure gives Filecoin price prediction credibility. To be sure, fundamental tying development to FIL price predictions creates room to capitalize on the expected growth in momentum. 

Filecoin Price Prediction: Verdict

This Filecoin price prediction reveals good news amid the recent volatility of the cryptocurrency market. After a bearish season in Q2 2021, FIL is positioned for a bullish breakout in the coming days. FIL price predictions support the analysis that the token is a solid buy. 

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Filecoin Price Analysis: FIL/USD is bullish for the next 24 hours

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  • Filecoin price analysis is bullish today.
  • FIL/USD saw bearish momentum return overnight.
  • $55 support tested again.

The Filecoin price analysis is presently bullish, anticipating that bears will be exhausted following a powerful rejection for downside yesterday. As a result, a higher low was formed, implying that the FIL/USD pair may move higher; bulls should be able to push prices higher as a result, as the market should approach the psychologically significant $50.00 price point.

The Filecoin marketplace continues its steady climb towards new peaks, although there was a slight dip towards a descending channel resistance, which was met with strong purchasing interest yesterday. This resulted in a bounce from this level to continue an uptrend that has been ongoing since late last week. A new high for the month is yet to be seen as early August, indicating that momentum will remain strong.

The daily chart demonstrates how the Filecoin market is currently testing the $52.00 resistance point, having already achieved a new high for the year at $49.87 earlier this week. Further gains may be possible as price activity above this mark would indicate that bears are exhausted, and bullish momentum remains intact.

On the other hand, it would be unwise to enter a position right now as there is still bearish pressure within the market. $55 should hold for the time being, and it should ideally provide support should any losses occur after long positions have been established. If this level fails, we may see several days of declines on the lower end, possibly retesting the support at $48.

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For now, we should be patient and let buyers and sellers play out their games before we make any bullish or bearish bets for this market. We will look to short-term charts and higher timeframes for more actionable trading opportunities soon.

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

The $55 support level on the 4-hour chart has remained sturdy, suggesting that this will be a significant barrier. The market may now attempt to break past it over the next 24 hours.

Filecoin Price Analysis: FIL/USD is bullish for the next 24 hours 1FIL/USD 4-hour chart. Source: TradingView

The Filecoin price appreciated significantly on November 1. On November 2, a retest of the swing high took place after peaking at $66 on October 31.

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Following a swing high at $70, the FIL/USD pair fell below its previous low and recovered. Despite this, the decline was only brief, as the pair swiftly retraced to form a higher low near $58 before unleashing another strong push toward $69. Filecoin was subsequently driven back up to around $59 by an abrupt reversal of positions.

On the hourly chart, Filecoin is presently trading at $62. The following significant resistance is near $70, with support around $57 and $55. On both timeframes, both price levels are crucial. Price has created a fresh swing high of $67 in the last 24 hours, reaching an intraday high on November 3 at $67.

The next few hours will be crucial for Filecoin, with the market testing swing highs and lows to determine whether it may advance further or if bears will take control. We anticipate bulls to triumph since the MACD is in favor of a rise.

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Filecoin Price Analysis: Conclusion 

Following a stunning sell-off yesterday, the Filecoin price is bullish since bears have run out of steam. As a result, FIL/USD will most likely reverse following today’s retreat.

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Filecoin Price Analysis: FIL still holds above $55, swift reversal to follow?

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  • Filecoin price analysis is bullish today.
  • FIL/USD saw bearish momentum return overnight.
  • $55 support tested again.

Filecoin price analysis is bullish today as we expect bears to be exhausted after a strong rejection for downside yesterday. Therefore, FIL/USD is likely will start moving higher after a higher low is set.

Filecoin Price Analysis: FIL still holds above $55, swift reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. Bitcoin lost 1.8 percent, while Ethereum 2.91 percent. Meanwhile, Avalanche (AVAX) is the top performer, with a gain of over 13 percent.

Filecoin price movement in the last 24 hours: Filecoin slowly tests downside again, the $55 support still holds

FIL/USD traded in a range of $54.38 – $57.61, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 36.62 percent, totaling $839.37 billion, while the total market cap trades around $6.8 billion, ranking the coin in 28th place overall.

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

On the 4-hour chart, we can see the $55 mark still holding, likely offering enough support to reverse the market higher over the next 24 hours.

Filecoin Price Analysis: FIL still holds above $55, reversal to follow?
FIL/USD 4-hour chart. Source: TradingView

Filecoin price saw a strong advance over the first days of November. After initially reaching $66 at the end of October, a retest of the swing high followed on the 2nd of November.

From there, FIL/USD retraced to set a higher low at $58 before making another strong push higher, this time to the $69 mark. Another sharp reversal followed, leading Filecoin to $59 in a couple of hours.

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After a slight recovery, Filecoin price action consolidated above $61 for several days until more downside followed yesterday. FIL spiked to $52 this time, with a reaction higher to $57 seen the same day.

Since then, FIL/USD has slowly moved lower again, testing the $55 mark, which could reverse Filecoin higher as bears are likely exhausted.

Filecoin Price Analysis: Conclusion 

Filecoin price analysis is bullish today as bears are exhausted after a sharp rejection for downside yesterday. Therefore, FIL/USD is expected to reverse after the current slow retracement.

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While waiting for Filecoin to move further, read our guides on eToro vs Coinbase, How to mine Filecoin Classic, and Filecoin vs Cardano.

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