FIL Price Prepares to Fly to $5?

Filecoin price prediction is bullish for the next month and suggests that bulls may win the battle in the consolidation phase.

FIL price had consolidated for quite a long time and seemed to have formed a base. Buyers are getting active and slowly absorbing the selling pressure. So, in the coming weeks, bulls might win the battle and are expected to expand the range upward.

Filecoin price is trying to climb above the 50-day EMA to reverse the short-term trend. However, the confirmation of the reversal will come when buyers are able to break out of the $0.3500 level and sustain.

FIL crypto price is trading below the 200-day EMA showcasing that positional trend remains down. Until buyers are able to push the price above $4.00, the sellers will remain active and become a hurdle for the bulls.

At present, the FIL price is near its YTD low, so the possibility of an upward reversal is high. Investors may look to buy at current levels for decent returns. Filecoin price is trading at $3.279 with an intraday rise of 1.67%. The 24-hour volume-to-market cap ratio is 2.68%.

Will Filecoin Price Recover and Reward its Investors?

Filecoin price prediction favors the bulls and suggests that the downfall has halted and the time for reversal has arrived. If in the coming weeks, the overall crypto market recovers, then it may add fuel to the Filecoin crypto as well as other altcoins.

Till the FIL price holds $3.00 support, the buyers will remain active and try their best to defend the support.

The price action says the consolidation phase is about to end and upward range expansion may be visible. Therefore, the technical analysis suggests that the FIL price may recover and reward its investors.

FIL Price Forming a Hammer Candle on the Weekly Time Frame

FIL price is forming a hammer candle on the weekly time frame. It shows that buyers near support are successfully absorbing the selling pressure, so bears are likely to lose momentum.

The MACD curve is near the zero line and sloping sideways which denotes consolidation. But if the Filecoin price recovers, then the MACD may generate a positive crossover. The RSI at 49 is near the neutral territory but slopes upward denoting the strength and confidence of the bulls.

Conclusion

Filecoin price prediction is bullish for the next month and suggests a rise. At present, the price is in a consolidation phase and buyers are preparing for another attempt for the breakout.

The analysis suggests that if the FIL price sustains above the 50-day EMA, then it will begin the journey to reach the $5 level.

Technical Levels

Resistance levels: $4.092 and $5.028
Support levels: $3.000 and $2.695

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing