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- Filecoin is in downtrend
- A good opportunity arising for short term investors
Filecoin is currently moving around its 50 EMA (the blue colored line) and the overall trend as for now in Filecoin is downtrend.
Filecoin on daily chart
On the daily chart, we can observe that a strong demand zone is developing. Since the price has also broken through this area, short-term investors should expect to see some quick gains as the price may rise as high as $4.687, which is a nearby resistance level, in the next few days. For a more conservative trade one can enter above $3.998 which is January 9th highest price.
MACD – A bullish crossover has occurred on the MACD. When the blue line of the MACD crosses the orange signal line in an upward motion, it is considered a bullish crossover. The occurrence of a bullish crossover on the MACD shows that the Filecoin has gained bullish momentum on the daily chart.
Relative Strength Index (RSI) – The RSI curve is presently trading at 61.42 and has crossed the 50-point level. The RSI curve has crossed the overbought zone, indicating bullish momentum. The rise in the price of Filecoin has increased the value of the RSI curve. If the price continues to move higher, the RSI curve may rise even further.
Analyst view and Expectations
It is clearly visible on the chart that coin is in downtrend from many months. So at present long term investors should stay away from investing in it. They should only enter in it if there is any Golden crossover [i.e. when smaller EMA (50 EMA) cuts bigger EMA (200 EMA) from downside].
The positive FILE coin price forecast from cryptocurrency data source DigitalCoin was made for the upcoming years. It predicted that the price may increase to $22 in 2023 and $48 in 2028. In the long run, it predicted that the price may reach an average of $69 in 2030.
In its crypto price projection for Filecoin, the online forecasting tool WalletInvestor was less optimistic, classifying it as a “poor” one-year investment. By May 2023, the price might drop to $3. In five years, the price was predicted to drop to $0.18.
According to CoinPrice forecast for the price of Filecoin, the coin will value $39 at the end of 2025 and $54 at the end of 2030.
Technical Levels
Major resistance – $6.643
Major support – $2.639
Conclusion
Filecoin is showing signs of bullish momentum. Investors looking for short term gains can buy now. In the following days we may see a bullish rise.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
