- Summary:
- Filecoin price may be up by a percentage point today but the crypto has struggled in the markets throughout the year.
Filecoin’s price continues to suffer in the markets despite the platform’s recent partnerships and projects. Last week, the Filecoin price dropped by 23 per cent, and this week has been relatively bearish, with prices already down by 5 per cent.
The strong bearish trend has also persisted throughout the year. This month, the Filecoin price has dropped by 33 per cent, extending the May aggressive bearish trend that saw the crypto lose 43 per cent of its value. The same aggressive bearish trend was also recorded in April when the prices dropped by 41 per cent.
Looking at the year-to-date data, the cryptocurrency is down by a staggering 83 per cent. Unsurprisingly, the 2022 data was also a continuation of the long-term trend, which began on April 1, 2021, when Filecoin reached its all-time price high of $237. Filecoin is currently trading at $5, a 98 per cent decrease from its highs of $237.
Filecoin Price Prediction
Today’s Filecoin price prediction takes into account the price action of the last few months. Looking at the daily chart below, Filecoin prices have gone up in three of the last four days. Today, the prices are up a percentage point. However, there are signs of the prices closing the markets at an even higher price level.
Despite the past few days’ bullish moves, the long-term trend is still aggressively bearish. The crypto has recently set a new price low that has not been hit in over a year and a half. Therefore, the current price gains are unlikely to be a trend reversal and are more likely retracements.
I expect the long-term bearish trend to continue after the price retracement ends. There is a high likelihood that we will see the prices trading below the $3 price level. However, should the prices trade above the 6.8 resistance level, then it will likely indicate a new bullish trend. My bearish price analysis will also have been invalidated.
Filecoin Daily Chart
