Filecoin Price Prediction 2021 — Will FIL Hit $300 in 2021 to 2022?

This Filecoin (FIL) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our FIL price analysis and prediction.

Filecoin (FIL) so far has become one of the most impressive cryptocurrencies this year. Specifically, the crypto was able to record an all-time-high price of $231.84 last April. This aggressive performance of the crypto attracts the attention of investors around the world. As a result, Filecoin’s trading volume surges to over $1 billion in the past few months.

Regarding Filecoin’s technology, the network uses blockchain technology to run its operations. Mainly, the crypto uses blockchain for the storage of its users’ files on the storage miners. These storage miners are the ones responsible for keeping the files on track and their authenticity. With this, users of the network can be sure that their files are stored reliably and correctly over time.

In this FIL price analysis and price prediction, we take a look at the performance of FIL if it will reach $100. But before that, let us learn more about what is Filecoin (FIL) and its current position in the crypto market.

What is Filecoin (FIL)?

Filecoin is a storage network based on blockchain technology that turns cloud storage into an algorithmic market. It aims to provide all its users worldwide with a safe place to store common and sensitive data or information. Best of all, FIL is designed to be user-friendly in a way that it has special software that enables its users to store data on a PC’s hardware.

The Filecoin network was launched in 2014 and was designed by the Protocol labs. It is built on top of the Interplanetary File System, allowing users to rent unused hard drive spaces. On the other hand, the miners that facilitate or provide data storage or retrieval of files are rewarded by the network.

To be specific, there are many types of data and files that the Filecoin network supports. For example, company files, private data, websites, video, company files, personal files, public databases, podcast data, public databases, contract data, and security archives to name a few.

Moreover, traders and investors that are interested in the crypto can buy FIL on different exchanges. For example, Binance, Huobi Global, OKEx, and Bitfinex are some of the exchanges where you can find the token.

Filecoin (FIL) Market Position

So far, FIL continues to be one of the top aggressive digital assets in the crypto market. Despite the recent market fall, FIL was able to regain its composure and recover quickly. In fact, FIL recorded an impressive 24-hour growth rate surge of over +10%.

In terms of its market status, Filecoin’s market capitalization amounts to almost $5.5 billion. As a result, the crypto ranks among the top 30 cryptocurrencies in CoinGecko. This current price standing of the crypto surpasses other cryptocurrencies such as SHIB, CRO, and CAKE.

Today, FIL has a circulation supply of over 73 million against its maximum supply of 1.9 billion.

Now that you already have an idea about what FIL cryptocurrency is, do you think FIL is a good investment this year? If you are already excited to know, read on.

Filecoin Price Analysis 2021

So far, Filecoin continues to hold its position against the wild volatility of the crypto market. As a result, the crypto right now continues to regain its momentum from the recent market fall.

Do you think this market composure that the crypto is showing is enough to attract more potential investors globally? Are you already interested to know? Therefore, what are you waiting for? Join me and together, let us see the charts in this CoinQuora price analysis.

As shown in the graph above, FIL performs a massive price dump after reaching the high price of $238.20 in April. Specifically, this price dump from April to its current price gives FIL a decline rate of over -70%. As a result, the crypto is now in a critical condition and not in good shape to attract crypto investors.

Furthermore, you can also see that FIL currently appears to be performing a descending scallop. This type of indicator explains the bearish direction of the crypto in the past few days. In this case, traders and investors must trade with caution to avoid sudden price dumps. Indeed, a good practice of mindful trading can lead you away from big losses that cannot be reverted back.

However, in terms of the Arnaud Legoux Moving Averages (ALMA) indicator, FIL seems to be doing well. In other words, the crypto continues to reside above the ALMA, a bullish indicator.

Let us say that FIL keeps its position above the ALMA indicator in the days to come, FIL might have a shot to break the resistance level 1, which is just +27.23% away from its current trading price of $70.99. If it does, the possibility of FIL smashing the second resistance level at $166.84 will be high. Truly, this is an event favored by traders and investors that continue to stay within the FIL network.

Conversely, if the bullish market turns against the crypto, the price of FIL may decline further. This price decline that we are talking about can reach up to -68%. Exactly, this is a price level in the bearish territory that could cause FUD in the network.

Meanwhile, the moving average convergence/divergence (MACD) of the crypto is about to perform a bullish crossover. If it does, FIL may experience a more bullish trend in the coming days. Conversely, if the crypto fails to perform a crossover against the signal indicator, it will be a different story. With this, it is advisable to wait for the market to recover before investing funds. Just like what the old-timers say,  it is better to be safe than sorry.

Filecoin Price Prediction 2021 to 2022

Filecoin is one of the virtual assets in the crypto market that experienced a rollercoaster ride this year. Despite that, FIL never stopped upgrading its platform to serve its users seamlessly with the highest security level of data storage.

Would this be enough to make FIL a profitable crypto from 2021 to 2022? Let us find out in this CoinQuora price prediction 2021 to 2022.

The graph above displays the performance of the crypto from the start of the year to its current market position. As per the chart, FIL successfully rallied its price towards the moon from Feb to April. This price boost of the crypto from $23.82 to $238.20 has a growth rate of over +800%. Truly, this can be considered a bullish position.

Contrarily, this uptrend position did not last long due to a series of market declines that have affected the crypto market lately. For this reason, the price of FIL, not just slide but nosedive to over -70% from its ATH price of $238.20. Today, FIL trades at a bearish price of $71.58 with a 30-day decline rate of -44.6%.

In this event, FIL must be able to uplift its position and regain its composure as soon as possible. Otherwise, the bears might overcome Filecoin’s position and convert the FIL support level to its news resistance level. Indeed, this is a price level that could cause panic inside the Filecoin community.

On the other hand, if FIL is lucky enough to uplift its position and break over the Fibonacci level of .618, FIL market standing will get better. In short, the price of FIL could increase to $90 all the way to $150. Of course, this will be possible if FIL continues to attract potential investors into its platform.

Let us assume that Filecoin successfully gathers enough investors into its network, FIL may further boost its position. Specifically, FIL may be able to pump its price and break the Fibonacci level of .382 and .236. In this event, the doors towards the skyrocketing price of $300 will open which is just +26.06% away from its ATH price of $238.

The skyrocketing price of $300 really sounds good to hear. However, due to a series of bloodbaths in the crypto market recently, FIL might reach this price in 2022.

Conclusion

With the continued enhancement in the Filecoin network, we can say that FIL has a bright future from 2021 to 2022. For this reason, the bullish price prediction of FIL in 2021 to 2022 is $90 up to $300. On the other hand, Filecoin’s bearish price prediction for 2021 is $55.20.

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Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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Source: https://coinquora.com/filecoin-price-prediction-2021/