In this Filecoin (FIL) price prediction 2024, 2025-2030, we will analyze the price patterns of FIL by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Filecoin (FIL) Current Market Status
What is Filecoin (FIL)
Filecoin (FIL) is the native cryptocurrency of the Filecoin blockchain. Filecoin is an open-source, decentralized storage protocol that exists on top of the InterPlanetary File System (IPFS). Filecoin (FIL) was launched in an ICO in 2017 whereas the Filecoin mainnet went live in October 2020. Filecoin was developed by Protocol Labs.
Filecoin enables users to store any size of data on multiple hack-proof storage providers or devices. It serves as a better alternative to the existing cloud storage providers such as Dropbox, Google (NASDAQ:GOOGL) Drive, and Amazon (NASDAQ:AMZN) S3. Filecoin deploys proof-of-replication (PoRep) and proof-of-spacetime (PoSt) consensus mechanisms to secure the blockchain.
Miners use these consensus models to verify the data that is being stored on the blockchain. They require only GPUs, CPUs, and hard drives for mining. Filecoin nodes act as storage nodes. Filecoin (FIL) is given out as mining rewards and also as rewards to users for renting out the space for storage.
Filecoin 24H Technicals
(Source: TradingView)
Filecoin (FIL) Price Prediction 2024
Filecoin (FIL) ranks 33rd on CoinMarketCap in terms of its market capitalization. The overview of the Filecoin price prediction for 2024 is explained below with a daily time frame.
FIL/USDT Descending Channel Pattern (Source: TradingView)
In the above chart, Filecoin (FIL) laid out a descending channel pattern. Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. but only after an upside penetration of the upper trend line. A descending channel is drawn by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend.
Within a descending channel, a trader could make a selling bet when the security price reaches its resistance trendline. An ascending channel is the opposite of a descending channel. Both ascending and descending channels are primary channels followed by technical analysts.
At the time of analysis, the price of Filecoin (FIL) was recorded at $4.49. If the pattern continues, the price of FIL might reach the resistance levels of $5.011, $6.750 and $11.710. If the trend reverses, then the price of FIL may fall to $3.313.
Filecoin (FIL) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Filecoin (FIL) in 2024.
FIL/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as resistance and support levels of Filecoin (FIL) for 2024.
FIL Resistance & Support Levels
Filecoin (FIL) Price Prediction 2024 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Filecoin (FIL) are shown in the chart below.
FIL/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the current Filecoin (FIL) market in 2024.
Filecoin (FIL) Price Prediction 2024 — ADX, RVI
In the below chart, we analyze the strength and volatility of Filecoin (FIL) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
FIL/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the price momentum of Filecoin (FIL).
Comparison of FIL with BTC, ETH
Let us now compare the price movements of Filecoin (FIL) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs FIL Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of FIL is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of FIL also increases or decreases respectively.
Filecoin (FIL) Price Prediction 2024, 2025 – 2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Filecoin (FIL) between 2024, 2025, 2026, 2027, 2028, 2029 and 2030.
Conclusion
If Filecoin (FIL) establishes itself as a good investment in 2024, this year would be favorable to the cryptocurrency. In conclusion, the bullish Filecoin (FIL) price prediction for 2024 is $7.890. Comparatively, the bearish Filecoin (FIL) price prediction for 2024 is $2.168.
If there is a positive elevation in the market momentum and investors’ sentiment, then Filecoin (FIL) might hit $15. Furthermore, with future upgrades and advancements in the Filecoin ecosystem, FIL might surpass its current all-time high (ATH) of $236.84 and mark its
This content was originally published by our partners at The News Crypto.