With Filecoin becoming one of the most impressive digital currencies in the market, the hot topic surely is File Coin Price. The crypto has seen an all-time high price of $237.24 last April. This aspect of the digital coin has left many wanting to invest in a particular currency. One may call it an aggressive performance. Nonetheless, this crypto will surely attract the attention of traders around the globe.
Filecoin technology tends to use blockchain technology to run all its systems. Mainly, the crypt uses the blockchain to store the users’ files using the storage miners. These storage miners will keep the files on track and maintain their authenticity. With this aspect, the users of the network can rest assured about the safety of the files. In other words, it is a just and reliable system. This article intends to predict the FileCoin Price. So, without stretching more, let’s begin with what we know and the basics.
What is Filecoin or FIL?
Filecoin is a storage network founded on cloud-based technology. In short, the technology turns cloud storage into an algorithmic market. The vision behind this system is to provide users worldwide with a safer place to store data. The data may be sensitive. The best aspect of this system is that it is specifically designed to be user-friendly.
In what sense? Well, it has an in-built special software that uses its users to store the data on the hardware of a PC. Launched in 2014, Filecoin. The network was specifically designed by Protocol Labs. One can say that they built it on top of the Interplanetary File System. Hence, it allows the users to rent unused hard drive spaces. However, on the other hand, the miners who promote the data storage or retrieval of the filers will get rewarded by the network.
To be more specific, many types of data and files are there that the Filecoin network supports. Take the company files, websites, personal files, private data, for example. It also covers the storage of podcast data, contract data, as well as security archives, and some others. Now that we know what FileCoin is all about, let us discuss how it performs in the market.
Current Market Status of Filecoin
As of the time of writing the Filecoin Price prediction, the FIL trades at $67.00. Moreover, it has a whole day trading volume of $1,455,360,834. Furthermore, the price of FIL has increased by 2.52% in just one day. When it comes to circulation, it has a supply of 121,881,285.00. And, the assets trading on this platform are Gemini, Kraken, and Huobi Global. Let’s get into the next part where we will discuss the File coin price analysis for 2021.
Filecoin Price Analysis for 2021
Currently, FileCoin continues to hold 22nd place on the CoinMarketCap. However, the digital currency is now going through the latest upgrades, developments, and changes in the FIL blockchain. So, there is a chance that the cryptocurrency may peak higher in the foreseeable future. Now let’s proceed to discover the predicted price of FIL.
In the chart above, you can see in a daily time frame the descending triangle pattern. It is one of the significant indicators since FIL has started to show a bearish trend in the past month. Moreover, the descending triangle that you see hints towards the fact that FileCoin will finally go bearish.
In the future, we can assuredly say that FileCoin has a chance to go bearish rather than hitting the bullish trend. If we take the charts above to be true, you can notice the changes since the beginning of this month. In short, the crypto turned from a bear to bull trend beginning this month. You can take it to be the result of the high trade volume that arose in that period.
Relative Strength Index
The Relative Strength Index (RSI) is very close to hitting 63.86. In other words, FIL is in a nearly overbought state. So, you can bank upon the fact that this may lead to a price reversal at any time. Therefore, any trader has to trade using this crypto carefully. Because they may run the chance to get affected by the market hype. Moreover, the traders can easily stay aware and move away from making any unexpected losses.
FIL or USDT Price Chart
If the investors start turning against the crypto, then there is a chance that the bear may take over. As a result, it may dethrone the FIL from the uptrend position. Nonetheless, there is a high chance that the cost of FIL might drop to almost $70.75. Hence, it is a bearish signal.
Although the long-term Filecoin price prediction for 2021 may seem bullish. It has a high chance that it will surpass the current all-time high set at about $237.24. But keep in mind that it may not reach that level just as of now.
Filecoin Price Prediction For 2022
If the bullish trend continues, then there is a chance that the coin may hit the mark of $400 by the end of 2022. Moreover, we predict the rise to slow down. However, there will be no major falls.
Filecoin Price Prediction for 2023
If file coin price supports the level of 200-MA, which we know to be a long-term moving average, then it will have ample time to get stable. There is a chance that the coin would reach the mark of $700. Moreover, it will make the coin not plummet but play consistently.
Filecoin Price Prediction for 2025
In the next four years, we can see the filecoin price rise to the mark of $1050. Moreover, the coin reaching up to the level will not be that difficult. It is because the additional medium, short-term, and long-term price targets could be sold or purchased.
Ending note
We can say for sure that filecoin will have a bright future. With the Filecoin price set at the bearish trend, it will only rise. Moreover, thanks to the ongoing development within the Filecoin ecosystem, we can see the coin reaching new heights.
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