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- Filecoin price prediction favors the bulls and suggests uptrend may continue in future.
- Filecoin price is trying to sustain above the 50- and 200-day EMA.
- The pair of FIL/BTC is trading at $0.0002330
Filecoin price prediction suggests price may rise in the long term. Filecoin price recovered 40% (approx.) from the recent low at $4.660 and formed a bullish reversal pattern. However, the confirmation of trend reversal will come when price will sustain above the 50 and 200 day EMA.
Filecoin price is currently trading at $6.361 (at press time) with an intraday decline of 0.45% and 24 hour volume to market ratio at 0.1922. The pair of FIL/BTC is trading at $0.0002330 with an intraday decline of 0.13%. In mid-January, Filecoin price climbed above the 50-day EMA and began to consolidate in the Pre-FTX collapse level.
Filecoin crypto witnessed a massive spike in buying volume when China announced a ban on crypto trading for their residents. Later, Filecoin broke out of a higher range and shot up 40% in a single day which creating FOMO given the rush.
Filecoin price halted at $9.515 and failed to give the follow up momentum. Therefore, $ 9.515 will act as a strong hurdle for the bulls. Later, overall market sentiment also started turning bearish and Filecoin price got negatively impacted. Slowly and steadily Filecoin price started declining, forming lower lows and ended up losing all its previous gains.
Will Filecoin Price Rise again and Reach $10?
Filecoin price took support at $4.660 and gave a sharp bounce showing that $4.000 to $4.660 will act as a demand zone for the bulls. The volume of Filecoin is still higher than average which indicates that volatility will remain high in the coming few days. Technical analysis suggests that prices are in bullish grip and is expected to hold the support levels mentioned in the chart. However, the probability of reaching $10.00 will increase when FIL crypto is able to sustain the price above the 200 day EMA.
Filecoin price might rise again if the overall market sentiment remains positive for the coming months. On the other hand, if the situation flips on its head, then FIL crypto bears may end up striking the price down to $4.000. Technical indicators of Filecoin like MACD had generated a fresh positive crossover indicating bullishness to continue for some more time. The RSI at 52 sloping sideways denotes neutral zone and balance between bullish and bearish positions.
Conclusion
Filecoin price prediction remains bullish in the long term and it may reach the $10.00 mark in the next phase of the rally. Filecoin price recovered nearly 40% from the recent low which indicates buyers are active at the lower levels. Technical analysis suggests Filecoin crypto is in bullish grip but prices might consolidate in a narrow range before deciding further direction.
Technical levels
Resistance levels : $8.045 and $9.516
Support levels : $4.660 and $4.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
