Filecoin Price Analysis: Will the FIL Token Reach $5 in 2023?

• The FIL token is currently trading at $3.35 with a drop of 2.75% in the last 24 hours.
• Its value went down by 98.59% from its all-time high.

The FIL token has recorded losses of 40.86% in the last 6 months and 26.24% in the last 3 months. This token marked its yearly high of $9.5 from where the token has almost fallen about 70%.

The token marked its all-time high on 1st April 2021 when the token was priced at $237.24.

It is currently trading with a rise in trading volume by 11% in the last 24 hours.

The present market capitalization of the token is $1.51B. It has a current circulating supply of 453.70M FIL, which is only 23.13% of its total supply. The 24-hour trading volume of the token is $88.37M.

Sentiment Analysis 

The total market volume of the token has dropped by 10.27% in the last 1 week. The total social mentions have seen a decline of 34.19%. FIL token’s total bullish sentiments decreased by 41.29%.

The overall sentiments are showing a negative signal for the price action. The social community of the investors is a bit sluggish. The bullish sentiments decreased because of the falling volume of the token.

Technical Analysis (Daily-1D)

As we can see in the chart, the price of the token started to move on a bullish trendline.

After some time the price broke below the trendline, became bearish, and fell to the level of $3 from where it took the support. 

After the price took support, it started to move up and got a 15% upward movement. The FIL coin price later faced a rejection from the $3.5 resistance level and got bearish. But once again it took support from the $3.17 level and tried to break the resistance. It failed and got rejected again.

The token is currently trading at $3.35. If the token price gets down from the current level and takes support from the $3.17 or further from the $3 support level and moves above and breaks the $3.5 resistance, it can target the level of $4.

If the price also breaks the resistance of $4 with a sizable volume, it will be bullish and it can reach $5 level and further.

Suppose the FIL token price falls below the support level of $3, the next support will be at $2.8. If the price falls below the $2.8 level with a decreased volume, it can be more bearish and reach $2 or the all-time low level of $1.8.

Relative Strength Index (RSI)

The RSI line is presently moving at 52.82 points and the SMA 14 is moving at 48.27 points. The RSI is currently above the neutral level of 50. If the RSI moves above 60, it can be a bullish signal or else bearish.

Moving Average Convergence/Divergence (MACD) 

The fast blue line moving average is above the red slow line moving average and the volume of the histogram is showing a bit of decrease in volume. If the volume drops, the price may start falling. Also, If the volume starts to grow and the bullish investors come into action, the price can start to rise.

FIL LIVE CHART : 

Conclusion 

We should wait for the price to approach the levels of $3.17 and $3. If the price takes support with a good volume and breaks the resistance level of $3.5 and $4, the price can be bullish.

Also, If the price gets below the $2.8 support, the price will be more bearish and can reach the level of $2 or further to its all-time low level.

Technical Levels 

Support: $3, $3.17 And $2.8

Resistance: $3.5, $4 And $4.9

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 assets comes with a risk of financial loss.