Filecoin (FIL) is currently trading at a price of $23.46 after increasing by 8.33 percent in the previous 24 hours. On April 1st, 2021, FIL reached an all-time high of $238.20. Following that, the market reversed course and plummeted to about $39. The price subsequently displayed another reversal, but it wasn’t powerful enough, and the price continued to bleed.
Technical Analysis – Filecoin (FIL)
Price previously reacted in the drop base drop zone. This is an example of a supply and demand pattern. Historically, the price has shown a reaction from this zone. Because of the large number of orders at this position, and hence the generation of liquidity, the market is likely to revisit this zone.
Now FIL was in a bearish trend for a while. We saw a continuous decrease in the price of the coin. Soon the price started to show reversal but still, the bullish structure has not come into play. The price of the coin is moving towards a daily order block from where the price can show some reaction. Lower time frame confirmations should be taken into consideration to look for a possible breakthrough or a reversal.
About Filecoin (FIL)
Filecoin is presently ranked 41st on coinmarketcap in terms of market domination (0.19 percent) and market capitalization. The project was initially conceived in 2014, and it intends to create a storage system that would “hold humanity’s most vital knowledge.” Whereas firms like Amazon and Google rely on centralized systems, Filecoin intends to provide decentralization to the system, allowing for greater data protection. During its initial coin offering (ICO) in 2017, the project raised moreover $205 million (Initial Coin Offering). This demonstrates how much interest investors have in the idea and how wonderful they believe it is. It is founded on Proof of SpaceTime as well as Proof of Replication.
Price Prediction – Filecoin
Traders think that FIL is a terrific investment that will bring excellent profits. Wallet investor, on the other hand, believes FIL is a horrible investment. However, they predict that in a year’s time, the price would rise to $23.05. The price is predicted to reach $25.796 in five years. FIL is not a good investment, according to this evaluation. However, traders believe it has a lot of potential because it is still a long way from its all-time high.
