Home
News
- 1 Filecoin price (FIL) slid 0.99% in the last 24 hours and is currently trading at $4.06.
- 2 Filecoin (FIL) derivatives data states that a total of $306.72K open interest contracts have been created over the past 24 hours.
Filecoin is a system that lets people store and share important data on a peer-to-peer network. It uses $FIL, a digital currency, to pay for storage and distribution services. Filecoin is based on a blockchain that keeps track of the network’s activities and transactions. Filecoin was announced in 2014 and raised $205 million in 2017. It is expected to launch in October 2020.
The Filecoin price is currently trading at $4.06 with a decline of 0.99% in the past 24 hours. FIL holds a total market cap of $1.78 Billion and ranks 30th in the crypto market.
FIL token has a trading volume of $80.36 Million with a decline of 6.28% over the past 24 hours. It has over 438.8 Million tokens in circulating supply. The volume-to-market cap ratio of the FIL token is 4.51% indicating low volatility in the market.
Filecoin Price Prediction Using Price Action Strategy
The Filecoin price prediction reveals that the token had been in a correction phase after a surge of 65% in January that shifted the trend to an uptrend. Thereafter the price entered the correction phase and corrected forming lower lows and lower highs. The price seemed to trade in a parallel channel pattern and declined.
Recently, the price got the buyer’s interest after taking a rebound from the lower demand zone and surged but suffered rejection from 200 EMA and declined.
Based on the technical analysis and the Filecoin price prediction from various sources, the price of Filecoin seems to be declining but lacking momentum which may possibly invite buyers to be aggressive and pump the price higher.
Now, if the price breaks above the channel then it may surge higher to cross a $5 Mark.
FIL Price Forecast from Indicators’ point of view
As per the EMA analysis, the FIL price surged higher breaking above the 50 EMA but got detained from 200 EMA showing the presence of buyers at the upper levels.
At the time of publishing, the RSI value of the FIL token is 38.38 and that of the SMA line is 48.50. RSI is declining suffering rejection from the SMA line showing the negative sentiment in the market for now.
Conclusion
Filecoin price prediction concludes The Filecoin token has been correcting after a big rise in January. The price has been moving in a channel pattern and facing resistance from the 200 EMA. The price bounced back from a lower demand zone but could not break above the channel pattern and declined again but lacked momentum. The price may break the channel and go above $5, or continue to decline.
Technical Levels
- Support levels: $3.6 and $2.68.
- Resistance levels: $4.9 and $6.51.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
