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Filecoin (FIL), the decentralized storage network token, as is on the verge of breakout and aiming huge surge. Over the past week, FIL is up by almost 14% showing signs for further upward movements. Filecoins Falling Wedge Breakout ZAYK Charts, a popular crypto charting account on X, shared a detailed analysis of Filecoins price action. […]
The analysis of Filecoin (FIL) price indicates an impending consolidation. Let's take a look at this Filecoin price prediction article in more detail
Filecoin (FIL) displayed strength on Tuesday rising as much as 13% from lows of $2.95 to brush shoulders with $3.7. With the appearance of a [...]
In this article, we’ll talk more about Filecoin price prediction and why the FIL price is surging.
Filecoin (FIL) price action shows the formation of a flag and pole pattern that indicates a bullish movement. Filecoin price displays a robust uptrend with a bullish flag and pole pattern. Four-hour time frame for Filecoin showed the formation of a symmetrical triangle pattern Filecoin currently trades at a long-term supply range following a breach of short-term key resistance Currently, Filecoin price trades at a long-term supply level after successfully breaching a short-term key resistance. Prior to the breach, FIL price has been in convergence for quite some time. With that said, the breach of the supply level has made a tremendous impact which blasted a robust bullish streak. Related Reading: Decentraland Consolidates Near $1.05 – Can MANA Attract Buyers Now? Filecoin Shows Robust Upward Movement Following a robust bullish movement, FIL coin price has started consolidating once again and creating higher high as well as higher low patterns seen on a daily time frame. According to CoinMarketCap, the Filecoin price has been highly bullish trading at $8.55 with a surge of 0.69% as of this writing. As of press time, FIL coin price has breached the critical 50 and 100 EMAs. More so, the coin currently trades midway of the Bollinger band indicator after it failed to outpace the upper bands. More so, trading volumes for the coin have also surged following the breach. At this point, investors are advised to keep an eye for any signs of a breach in the bullish flag and pole pattern, and then act fast. FIL Price To Surge Once It Breaches Flag, Pole Pattern Given a 4-hour time frame, the FIL coin price is observed to form a symmetrical triangle. The ADX curve has also spiked on a higher time frame as it moves in sync with the coin’s uptrend which hints at a rally in FILE coin price. Judging by the daily time frame, the ADX curve is seen to have swerved past the 20 levels and shifted upwards. On 4-hour time fame, the coin is spotted currently sitting in the short-term demand zone. At this point, investors need to wait for the formation of a positive candle in the demand area. FIL coin’s RSI is showing trading activity at the 50.41 mark. Its RSI also shows a crossover on the 50 zones. Remarkably, the FIL coin price revealed a breach seen at a robust supply zone. In the event that the coin price manages to breach the bullish flag and pole pattern, the RSI will also quickly swing upwards. RSI curve also shows that it has successfully crossed the 14 EMA which defines a short-lived bullish movement. The Supertrend indicators are also very optimistic, especially with the breach of the critical small-term supply mark as seen on the daily time frame which also prompted the continuous rallying of coin prices. Related Reading: Shiba Inu (SHIB) Buildup At This Price Level Could Be Favorable Crypto total market cap at $1.15 trillion on the daily chart | Source: TradingView.com Featured image from Binance Academy, Chart from TradingView.com
Over the last day, Filecoin (FIL) has seemingly emerged from the shadows to stage a price recovery of over 10%. This notable move has brought more attention to the altcoin, which had previously failed to follow the general crypto market recovery. On the back of this, one crypto analyst predicts big things for the altcoin, expecting a 1,000% increase in its price. Filecoin Will See A 10X Rise To $70 In the analysis that was shared on X (formerly Twitter), crypto analyst Tony The Bull told his almost 20,000 followers that the Filecoin (FIL) price was gearing up for a massive recovery. The chart shared in the analysis tracks the movement of the coin over the last year, which saw it go from a low below $3 to over $.7, an almost 200% increase. Nevertheless, the crypto analyst believes there is more to come. Related Reading: Bitcoin Open Interest Reaches $69,000 ATH Levels, What This Means For Price The prediction for the Filecoin price from the crypto analyst is that it will rally as high as $70. Now, given FILs current trading value, this would mean a 1,000% increase or a 10X increase from here. The analyst seems to believe that the altcoin is entering into a price discovery phase, saying, Im gonna find out. $FIL to minimum $70 for a 10x Back to ATH is +20x Price discovery = ? Im gonna find out pic.twitter.com/w2O5fgAzDi Tony “The Bull” (@tonythebullBTC) February 19, 2024 Tony is not the crypto analyst that forecasts a bullish future for the Filecoin price as analyst Ali Martinez also expects the altcoin to do well. Martinez revealed that FIL is currently trading in a parallel channel on its 3-day chart which is usually bullish for price. However, for the move to be confirmed, the crypto analyst explains that the altcoin must break the resistance posed by the channel’s upper boundary, set at $8.50. If this happens, then Martinez expects the price to rise as high as $25.5. #Filecoin is trading within a parallel channel on its 3-day chart. Watch out for the resistance posed by the channel’s upper boundary, set at $8.50. A successful break through this barrier could significantly bolster $FIL‘s price, potentially tripling its value to reach $25.5! pic.twitter.com/Tgg0rZfRrs Ali (@ali_charts) February 19, 2024 Can FIL Reach A New All-Time High? In addition to his analysis, Tony The Bull also posits that Filecoin is only 20X away from its all-time high price of around $230, so it is possible that the altcoin could see a run-up to this level. However, this was not well-received by community members, who countered that it would be impossible for FIL to reach a new ATH due to its inflation over the last year. Related Reading: Finance Expert Predicts Bitcoin Will Touch $100,000 Soon, Heres When FILs circulating supply has risen drastically over the years, putting it way higher than what it was when it hit its all-time high back in 2021. Due to this, expectations that the altcoin could get back to this level are very low. With its MASSIVE inflation over the last bear market, FIL will not be making a new ATH, one user said in response to the crypto analyst. Nevertheless, FIL continues to show strength in the daily chart. Its price is up 16% in the last 24 hours and 40% in the last seven days, according to data from Coinmarketcap. It is trading at $7.68 at the time of this writing. FIL price rises over 10% in 24 hours | Source: FILUSD on Tradingview.com Featured image from Coincodex, chart from Tradingview.com
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