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ThecoinrepublicCryptoFilecoin Price Prediction: Will FIL Price Hit...
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Filecoin Price Prediction: Will FIL Price Hit A Target Of $250 Till  2025?

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  • Filecoin has surpassed the gains of various altcoins and is reaching for a new high in future.
  • Technical indicators of FIL suggests a consolidated trend in price. It has seen a drop of 3% in the BTC pair.

Filecoin is a decentralized storage network designed to allow anyone to store, retrieve and share digital information securely and efficiently. It was developed by Protocol Labs and also provides a secure, transparent and tamper-proof system for storing and managing data. Filecoin is built on top of the InterPlanetary File System (IPFS), a peer-to-peer network for sharing and storing files. The network uses a unique incentive mechanism that rewards users for providing storage space and bandwidth to the network. It means that users can earn Filecoin tokens by providing their unused storage space to the network. One of the key benefits of Filecoin is that it provides a decentralized and secure way to store data. Unlike traditional cloud storage services, which are centralized and vulnerable to hacking., Filecoin uses a distributed network of storage providers to ensure that data is stored securely and redundantly.

Filecoin has a market cap of $3 Billion and is ranked 24th in the cryptoverse. Volume of the asset price has seen a drop of 44% in the intraday session.Volume to market cap ratio of the FIL suggests a consolidated trend in price.

Are Bears Ready To Take Over ?

Source: TradingView

Filecoin has seen a strong upside momentum due to its new updates. The weekly technical chart of FIL suggests a consolidated trend in price. On the daily chart it is trading near the value of $7.8 with a drop of 2% in the intraday session.It is forming huge spike suggesting a halt in bullish momentum. The upside trend of FIL price can see a halt near the value of $10.Meanwhile the support of the asset price can be seen near $5.It is currently trading above the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the asset price to a new high in the future.

RSI of the asset price is near 69 suggesting its presence in the overbought zone. There is a downside slope suggesting a consolidated momentum in price.

Conclusion

Filecoin has recently came up with new upgrades which has pushed the asset price to a new high. It is currently consolidating but can see a new high upto $200 in 2025 as per various analysts.

Technical Levels

Major Support:$5

Major Resistance:$12

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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