The Filecoin Network just reached its milestone of 100P. The ICO was sold out within a few hours on August 10th and raised in the region of $200 million. Filecoin is a decentralized storage network. The coin is currently in its infancy, but it is already the second highest in value of the new coins on the market. It is still too early to tell whether Filecoin is a viable investment for the future, but it is interesting to see the progress of the crypto over the last few days. Update: While the price of Filecoin has increased considerably over the last few days, it has since then fallen back down to a value of $38.41. Still, the increase has given investors a chance to make a reasonable return
Summary of the situation
- FIL breaks support at $120.
- Further declines are rejected at $190.
- The next resistance is around $130.
Today’s Filecoin price forecast is bullish, as the market dropped below $90 overnight and is gearing up to recoup most of its losses. Therefore, we should see upward movement in the FIL/USD in the coming days.
Heatmap for crypto-currencies. Source: Coin360
The general market is trading in the red today. Market leader bitcoin dropped below $50,000 and lost 14 percent. Ethereum experienced a similar price movement and lost even more. Filecoin was one of the worst performers, losing about 20%.
Filecoin Price Forecast Filecoin jumped to $88, a turnaround today?
FIL/USD opened at $142.9 after closing slightly lower yesterday. Overnight, FIL jumped to $88, where the bulls quickly absorbed selling pressure, leading to a quick return to the $120 level. Therefore, we expect FIL/USD to rise in the coming days as the bulls attempt to recoup many of their losses.
Philcoin price fluctuations in the last 24 hours
The FIL/USD exchange rate moved within a range of $91.44 to $141.14, indicating high volatility. 24 Trading volume fell 19% to $3.34 billion. The total market capitalization hovers around $8 billion, putting the cryptocurrency in 23rd place overall.
Chart 4-Hour FIL/USD – FIL trades at $115 overnight after strong rejection for further declines
On the 4-hour chart, we see that the price of Filecoin has fallen over the past few hours to form a higher low from which it will push higher later this week.
FIL/USD chart 4 hours. Source: TradingView
The overall market continues to decline, following a downward trend at 1. April reached a new high of $237. Since then, the market has lost more than 60% from its low of about $88. However, this loss is the result of a slow turnaround over several weeks.
Initially, the price of Filecoin fell 40% and found support above the $130 level. In the following days, resistance around $190 was found and retested. The $130 support level was tested twice, first on April 18 and again on April 22, suggesting that bearish momentum has been used up.
Thereafter, the price of FIL/USD traded in a sideways range of $130 to $160 for several weeks until a slow downward movement began in early May. Yesterday, the price of Filecoin once again approached the $130 support level – this time with a clear breakout below it. Overnight, FIL/USD fell further to a strong bounce at $88, leading to a further decline of nearly 50% from a high of $167.
Thus, the FIL/USD pair has given up most of its gains in recent months, and it is likely that the market will resume its long-term upward movement in the coming months. First, Filecoin should recapture the previous major support level of $130, which will serve as resistance.
Filecoin Price Forecast Supplement
The price outlook for Filecoin is bullish, as the market made a strong spike downward last night, after which FIL returned to the $120 level. So after a higher high today, we should see more increases over the course of the week.
While we wait for the price of Filecoin to rise, check out our guides to other major altcoins – Monero and Ethereum Classic. Also check out our step-by-step guide on investing in cryptocurrencies.
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