Our Filecoin price prediction is looking bullish for the short term. There has been a massive increase in FIL crypto trading volume within the past few days as the coin has attempted a breakout. The price broke the downtrend on 1D and 4H timeframe on the weekend, closing above the downwards trendline.
Filecoin crypto surged from the bottom of $5.10 in the last week of July and went up to $11.39 within seven days. This translated into a 125% gain for the bottom buyers. On Monday, crypto markets started to correct due to a pullback in Bitcoin price. At the time of writing, FIL is trading at $8.95.
Currently, the Filecoin price is trading 96.2% below its April 2021 all-time high of $236.84. The coin has been in a severe downtrend since 2022, fuelled by constant rate hikes and the Bitcoin slump. As per Filecoin news today, the network has gained 18 EiB storage power with 4045 active miners. The project is also attracting developers by running Hackathons in China and Singapore.
Technical analysis of the FIL USD chart shows a clear break of the downwards trendline. This downtrend started in December 2021 and took the price from $43.61 to $5.10 within eight months. After yesterday’s daily closure above the trendline, the coin is retesting the breakout on lower timeframes.
In case of a successful breakout, Filecoin price prediction of $16.40 might get realized very soon. A short-term target of $13.70 seems even more achievable. However, this prediction must be considered only if the breakout is confirmed.
If Filecoin closes a daily candle back into the downtrend, our price analysis might need to be updated. However, this would only happen if Bitcoin prices experience a massive pullback. You can trade storage coins like Filecoin, Areweave and Siacoin on Binance and other top crypto exchanges.
This post was last modified on Aug 01, 2022, 16:37 BST 16:37