Filecoin price prediction suggests an uptrend may continue and new swings are possible in coming months. The FIL crypto is displaying a bullish pattern and the price is rising upward by forming high candles.
Meanwhile, the buying volume is also on the rise, and price is positively correlated with volume. It is an indication that big players might have injected the money and participated in the rally.
Filecoin price continues to trade above the 50-day and 200-day EMAs. It shows the confidence of investors and more room for upside is open. Moreover, the EMAs of the FIL crypto displayed a golden crossover, which boosted the momentum and fueled the rally.
Recently, this coin broke out of the $6.00 barrier, which triggered the positive sentiment and pushed toward $8.00. The next visible hurdle on the chart placed at $9.148. If the momentum continues and buyers succeed in breaking the $9.148 hurdle, the next phase of the rally might get triggered.
Currently, the pair of FIL/USDT is trading at $7.519 with a one-day uptick of 4.81%. In the last 24 hours, the volume-to-market cap ratio stands at 0.1651.
Will Filecoin Price Perform Well in January 2024?
Filecoin price rose 57% in the last month and generated a nominal return for its investors. The chart structure of this crypto looks promising and the possibility of continuing the upward momentum remains high.
Till the price sustains above $6.00 support, the buyers will be active. Any short-term correction toward the support will have a high possibility of showing a bounce.
Therefore, the risk of the downside looks limited. So, investors can look to buy Filecoin at current levels and participate in the bull run.
What if FIL Price Loses the Momentum?
FIL price is forming a bullish pattern on a daily and weekly time frame chart. This crypto is heading toward the YTD high, which will be the crucial hurdle for the bulls. The next directional move will be visible after the $9.148 breakout.
However, if the price loses momentum near the supply zone and faces rejection, it may retrace back to the 50-day EMA.
Conclusion
Filecoin price prediction suggests bulls will dominate and lead the rally in January 2024. It seems to be a good pick for long-term investment. So, investors should add FIL crypto to their portfolio and participate in the bull run.
Technical levels
- Resistance levels: $9.148 and $11.412
- Support levels: $6.305 and $5.364
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/01/03/filecoin-price-fil-rose-57-is-it-a-good-pick-for-long-term/