Will FIL Price Hit $20 Soon?

• Bullish Filecoin (FIL) price prediction ranges from $8 to $13.
• Analysis suggests that FIL price might reach $20 soon.
• FIL’s bearish market price prediction for 2022 is $8.

What Is Filecoin (FIL)?

Filecoin is a decentralized storage system with the goal of “storing humanity’s most important information.” Filecoin is an open system supported by a blockchain that records network participants’ promises, with FIL serving as the blockchain’s native currency. Proof-of-replication and proof-of-spacetime are the two fundamental building blocks of the blockchain.

Juan Benet, who also designed the InterPlanetary File System, founded Filecoin. Filecoin seeks to store data in a decentralized manner. In contrast to cloud storage providers like Amazon Web Services or Cloudflare, which are susceptible to centralization problems, Filecoin uses its decentralized nature to safeguard the integrity of a data’s location—making it retrievable and difficult to censor.

Decentralized storage systems, such as Filecoin, enable users to be the sole custodians of their data and increase global online accessibility. Since participation in the Filecoin network by mining and storing is directly proportional to earning additional block rewards, Filecoin incentivizes players to act honestly and save as much data as possible.

Proof-of-replication and proof-of-spacetime are utilized to protect Filecoin. In the Filecoin network, nodes also known as retrieval miners compete to deliver data to clients as rapidly as possible. They are subsequently compensated with FIL fees, which promote a network of nodes to replicate and preserve files.

Storage miner nodes are in constant competition for contracts to offer customers storage for a predetermined period. When a storage miner and a client reach an agreement, the storage miner stores the client’s data in a sector and “seals” it to generate a unique copy of the sector’s contents. Clients compensate storage miners with FIL as transaction fees, and these miners can also mine blocks to earn a block reward.

Filecoin (FIL) Market Overview

Filecoin (FIL) Current Market Status

With 261,002,515 FIL in circulation, Filecoin (FIL) trades at $8.42 at the time of writing. FIL has a 24-hour trading volume of $317,588,040.83, and during the previous 24 hours, the price of FIL has increased by 3.43%.

At the moment, the most popular exchanges to trade Filecoin (FIL) are Binance, OKX, BTCEX, BingX, and MEXC. Let’s continue with our FIL price research for 2023.

Filecoin (FIL) Price Analysis 2023

Currently, FIL ranks 24th on CoinMarketCap. Will the FIL blockchain’s most recent improvements, additions, and modifications help the price of cryptocurrencies rise? Now, let’s focus on the charts in this article’s FIL price forecast first.

Filecoin (FIL) Price Analysis – Keltner Channel

The Keltner Channel can be used to determine the direction of a trend when volatility bands are placed on either side of an asset’s price. The Keltner Channel indicators for FIL/USDT can be used to forecast the price of Filecoin (FIL). The Keltner Channel signals for Filecoin (FIL) show that the current bullish run may continue because the recent candlesticks are in the first half of the chart.

Filecoin (FIL) Price Analysis – Relative Strength Index

The relative strength index (RSI) is a momentum indicator in technical analysis. The RSI analyzes the speed and amplitude of a security’s recent price swings to determine whether it is overpriced or underpriced. The 1-Day chart’s RSI value is 70.62. A move above 50 indicates that more traders are buying FIL rather than selling it, causing the price to rise. If more buyers are drawn to profit, this value could spark another bullish run.

Filecoin (FIL) Price Analysis – Moving Average

Above is a daily chart of Filecoin (FIL)’s 200-day, and 50-day Moving Averages (MAs). FIL is now running sideways and it broke out of the 200-MA and trading above both of 200-day MA and 50-day MA. Moreover, a golden cross can be seen recently. Therefore, we can expect a bullish trend for FIL soon. However, investors should wait for a few reversal patterns before entering the trade for a better risk-to-reward ratio.

Filecoin (FIL) Price Prediction 2023

By looking at the daily chart of FIL/USDT, Filecoin (FIL) price was swinging from $4.88 to $11.37 after touching the support level of $5.37-$4.43. Bouncing back from the support level, Filecoin (FIL) is now going sideways in the market and is expected to break out of the triangle.

Meanwhile, our long-term Filecoin (FIL) price prediction for 2023 is bullish since it cannot break the support level. We can expect Filecoin (FIL) to reach $15 this year. 

Filecoin (FIL) Price Prediction – Resistance and Support Levels

This chart below shows that the price of FIL has decreased in the past few months. Moreover, the price of FIL is down by 8.11% in the past 24 hours after a huge pump during the week. If this continues, FIL might keep running bulls, breaking its $8.540 resistance 1 level and eventually moving higher to $15.

If FIL cannot break the $8.540 resistance 1 level, the bears may seize control and dethrone FIL to a downtrend stance. In simple terms, the price of FIL might fall to almost $6.095, indicating a negative signal given by the previous support level.

Filecoin (FIL) Price Prediction 2024 

Filecoin (FIL) price can rise to incredible heights, peaking at $16.6. This is only feasible if the market continues its upward path and only if FIL breaks through the past psychological resistance levels.

Filecoin (FIL) Price Prediction 2025

FIL prices might grow to $24 during the next three years. Furthermore, hitting this level may not be so tough for FIL because the new medium, short-term and long-term price objectives for purchase or sell orders, may be discovered.

Filecoin (FIL) Price Prediction 2026

FIL prices might grow to $38 during the next four years. Furthermore, hitting this level may not be so tough for FIL because the new medium, short-term and long-term price objectives for purchase or sell orders, may be discovered.

Filecoin (FIL) Price Prediction 2027

FIL prices might soar to $53.94 in the next five years. Furthermore, hitting this level may not be so tough for FIL as other mediums, short-term and long-term price objectives for purchase or sell orders, may be discovered. 

Filecoin (FIL) Price Prediction 2028

In the next six years, FIL prices could rise to $77. More so, reaching this level could not be so difficult for FIL as additional medium, short-term and long-term price targets, could be found to purchase or sell orders. According to the forecast, FIL has a strong chance of reaching the previous ATH.

Filecoin (FIL) Price Prediction 2029

In the next seven years, FIL prices could rise to $103. More so, reaching this level could not be so difficult for FIL as additional medium, short-term and long-term price targets, could be found to purchase or sell orders. According to the forecast, FIL has a strong chance of reaching the previous ATH.

Filecoin (FIL) Price Prediction 2030

In the next eight years, FIL prices could rise to $619.06. More so, reaching this level could not be so difficult for FIL as additional medium, short-term and long-term price targets, could be found to purchase or sell orders. According to the forecast, FIL has a strong chance of reaching the previous ATH.

Filecoin (FIL) Price Prediction 2040

According to our long-term FIL price estimate, FIL prices could reach a new all-time high this year. If the current growth rate continues, we could anticipate an average price of $308.7624 by 2040. If the market becomes bullish, the price of FIL may increase beyond our 2040 forecast.

Filecoin (FIL) Price Prediction 2050

According to our FIL forecast, the average price of Filecoin in 2050 might be above $679.2720. If more investors are drawn to FIL between these years, the price of FIL in 2050 could be far higher than our projection.

Conclusion

As said above, it may even reach above $100 if investors have decided that FIL is a good investment, along with mainstream cryptocurrencies.   

FAQ

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. CoinEdition and its affiliates will not be held liable for any direct or indirect damage or loss.

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