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Filecoin price prediction is moving towards the upper boundary of the channel with the price hitting a daily high of $4.22.
Filecoin Forecast Statistics:
Filecoin current price – $4.18
Filecoin Market Cap – $2.3 billion
Filecoin Circulating Supply – 569.5 Million
Filecoin Total Supply – 1.9 billion
Filecoin Coinmarketcap Ranking – 31st
Filecoin (FIL) has seen significant volatility since its inception. In the past 24 hours, Filecoin (FIL) has traded between $3.92 and $4.21. Its all-time high was $237.24 on February 10, 2024, but has since fallen by about 98.24%. Conversely, the all-time low was $1.83 on August 29, 2019, and has since risen by 128.78%. These historical price points highlight the importance of timing in the cryptocurrency market, showing that early investments in projects like Filecoin can yield huge returns despite the inherent risks and volatility.
FIL/USD Market Key Levels:
Resistance levels: $5.5, $6.0, $6.5
Support levels: $3.0, $2.5, $2.0
FIL/USD – Daily Chart
As can be seen from the daily chart, FIL/USD is still swinging within the moving average of this descending channel, heading towards the resistance of the channel. This descending channel was formed on February 28, 2024. Since then, the price has been fluctuating within this range. If the price reaches the resistance level, it first needs to break through the important long-term resistance zone between $4.60 and $4.98.
Filecoin Price Prediction: Will FIL Break Through $4.50?
The price of Filecoin (FIL/USD) is preparing to rise as it approaches a bullish crossover of the 21-day moving average (MA). After a brief rebound after the breakout, FIL/USD is trending upwards and a rejection at the 21-day MA could result in a decline in price with the potential to break the critical support area between $4.00 and $3.90. If buying increases, Filecoin could rise to the $5.00 resistance level.
On the contrary, if Filecoin falls below the 9-day moving average, it may fall to about $3.50, where there is important long-term support. If the bear trend continues, support levels may appear at $3.00, $2.50, and $2.00. Nevertheless, overall, the bullish pattern indicates a higher probability of an upside breakout. After a successful breakout of the upper boundary of the channel, the technical target will be at the top of the channel, with potential resistance levels at $5.50, $6.00, and $6.50.
FIL/BTC index upward
Filecoin (FIL) is showing a bullish behavior against Bitcoin (BTC), maintaining an uptrend above the 9-day and 21-day moving averages. If the buying pressure from the bulls increases, the market price could break out of the upper boundary of the channel.
FIL/BTC – Daily Chart
However, there are high chances that the 9-day moving average will cross above the 21-day moving average. If such a crossover occurs, it is likely to sustain the uptrend that could push the price to the resistance level of 900 SAT or above. Conversely, if the price retests and breaks below the lower border of the channel, it could drop to the support level of 550 SAT or below.
@clifton_ideas shared information about $FIL with his 17,000+ X (formerly Twitter) followers, saying that it is currently in a descending channel on the daily chart. He noted that an upside breakout could trigger a major bullish move. We are now closely watching this potential breakout.
Alternatives to Filecoin
Currently, Filecoin is trading around $4.18, up 5.23% on the day. The coin’s strength suggests great potential, with a target of $5.0 if the bullish momentum continues and overcomes resistance. In another area, PlayDoge emerges as a promising project that combines innovative staking options with an engaging game-earning feature. Its dynamic staking rewards and comprehensive roadmap highlight a well-structured strategy. Potential investors are advised to keep an eye on the ongoing presale, which has raised over $5.6 million, and prioritize wallet security to optimize interests in the PlayDoge ecosystem.
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