- Filecoin price has declined by 38% in January highlighting sellers’ dominance.
- A bullish crossover was recorded between the moving averages.
Filecoin (FIL) price has been in a bullish trend since October and jumped by 140% till December. The bullish trend has interrupted near the $8 hurdle and further profit booking on a higher level has been observed which has led to a fall of approximately 40%.
After a downfall of approximately 40%, the FIL price took support on the 200-Day moving average and tried to rise but due to the lack of buyers, the FIL price again dropped to the EMA. This time, the price has defended the 200-Day EMA and rose by 10% in a week. BTC jumped 17% in a week, so all the altcoins are performing bullishly.
RSI is at 54 and heading toward the overbought zone indicating positive momentum. Filecoin price is trading over the significant moving averages showcasing a bullish trend.
At the time of writing, the FIL price trades at $5.46 with a gain of 3% in the past 24 hours. The market capitalization of Filecoin crypto is $2.76 Billion and according to the market cap, it ranks 36th in the cryptocurrency market. The 24-hour trading volume is $116.01 with a rise of 25%.
Filecoin Price Technical Analysis Over Daily Timeframe
Filecoin price was in a bearish trend last month but it successfully defended the 200-Day moving average, rising by 14%. FIL price is performing positively as the whole cryptocurrency is bullish.
In the first week of January, the FIL price had been in a bearish trend but the price took a reversal and tried to sustain the $6.50 mark. But the sellers were enough strong to drag down the price, and a bearish move was witnessed.
If the buyers remain in control, the price can be lifted to the $6.50 mark easily. If the FIL coin price approaches the resistance level of $6.50, a clash between the buyers and sellers would be expected.
On the other hand, if the FIL price slips below the 200-Day moving average, sellers may become confident which may lead to a bearish trend and the price may melt to the $4 hurdle in the next few weeks.
Filecoin Price Prediction FAQs
What is the FIL price prediction today?
The Filecoin price is predicted to gain 3.94% to hit $5.51 by today.
What is the FIL price forecast for tomorrow?
Based on our technical analysis, the Filecoin price is predicted to gain 2.61% to reach $5.61 by tomorrow.
What is the FIL price prediction for this week?
According to our analysis, the Filecoin crypto price is forecasted to remain bullish. The FIL price may extend to $6.12 by the end of this week.
What is the current FIL price sentiment?
The current Filecoin price prediction sentiment is bullish according to our analysis.
Conclusion
Based on the technical analysis and market trends, the sentiment for Filecoin price prediction is bullish. Although the price experienced a downfall in January, it successfully defended the 200-Day moving average and demonstrated positive momentum last week. If the buyers remain in control, the price could rise to the $6.50 mark easily. Overall, the FIL price prediction for this week is expected to remain bullish with the potential to reach $6.12 by the end of the week.
Technical Levels
Resistance Levels: $6.50 & $8.00
Support Levels: $4.80 & $4.20
Disclaimer
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is especially volatile and speculative, and this article does not advise investing in cryptocurrencies or other ICOs. Since everyone is unique, a certified professional should be continually consulted before making any economic decisions.