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- 1 Filecoin price has witnessed a significant increase in the total supply held by whales.
- 2 At the time of writing, Filecoin price was trading close to $10.9, reporting an intraday drop of 2.01%.
The Filecoin crypto remains sidelined for the last couple of sessions and is trying to stabilize above the $10 level. The crypto trades at $10.9 and has reported a negative development of nearly 2% by the afternoon session.
Moreover, the weekly chart displays a positive development this week. The bulls are in control of the trend and intending to close in green for the sixth consecutive week. The technical indicators imply a positive outlook as the price bounced after retracing the dynamic 20-Day EMA.
Also, the market leaders Bitcoin and Ethereum are constantly rising to new highs which has turned the overall sentiments on the higher side. Currently, Bitcoin is trading near its all time high of $72,217. Whereas Ethereum crypto was trading close to $4,030 showing swift intraday gains of 0.5%.
Moreover, the short-term as well as long-term trend outlook of Filecoin is positive which may drive the crypto to higher levels in the forthcoming sessions. Moreover, there has been a significant jump in the whales holdings in the recent sessions which adds confirmation for further developments in the price.
Filecoin Crypto Volume Analysis
Moreover, the volume analysis shows that the FIL cryptocurrency has reported $626.9 Million in volume inflow on the present day which is 18.28% higher than the previous day.
However, the volume chart shows that the volume has been dropping continuously with a drop in the price indicating the weakening of the ongoing trend and a possible correction pending in the short term.
Filecoin has a live market capitalization of $5.676 Billion. Also, the volume to market capitalization is 11.11% indicating mild volatility in the price.
Filecoin Crypto: Whales Are Expanding Their Portfolio!
The above chart displays the activity of whales in the FIL crypto over a period of time along with the price movement in the same duration. The analysis shows that the whales have been continuously increasing their portfolio in Filecoin since February. The FIL price has also been rising continuously after a short consolidation in February.
RSI Indicates An Overbought Scenario!
At the time of writing, the RSI line was placed at 79.1 points and that of the SMA line was at 78.1 points. Both the RSI and SMA lines were hovering above the mean line indicating a positive trend prevailing in the FIL crypto currency. However, Both the RSI and SMA line hover in an overbought zone indicating a possible correction in the crypto.
Filecoin Crypto Developers And Development Activity Count!
Furthermore, the developers and development activity count chart of Filecoin crypto highlight that the development activity has slowed down in recent months. Looking closely at the last six months’ data, the development activity was higher till December 2023.
However, a drop of nearly 25% was observed in the developers and development activity in January and has been constant since then.
Filecoin Price Prediction March 2024
The short-term trend outlook is bullish as the FIL crypto trades higher above the 20, 50 and 200-days. The EMAs are acting as a dynamic support for the crypto.
The short-term price prediction for FIL crypto expects the crypto to continue drawing an upward trajectory and keep thrusting higher. The sentiments are bullish until the crypto continues to hover above the $10 level. The short-term traders and investors may target $12 and $15 as the next high.
Conclusion
The Filecoin crypto trades near the weekly highs and has remained sidelined for the last couple of sessions. The short-term and long-term trend outlook is positive which may continue to add more buying volume inflow in the crypto. Moreover, there has been a significant rise in the whales holdings in the last few weeks.
The technical indicators imply a positive outlook as the price bounced after retracing the dynamic support of the 20-Day EMA. The short-term traders and investors may target $12 and $15 next.
Technical levels:
- Support Levels: $9.67 and $7.81
- Resistance Levels: $11.83 and $15.09
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.
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.
