Filecoin price fell with the cryptocurrency market back in April 2021 without any proper correction. This descent happened in the shape of a descending triangle. This formation usually proves a trend continuation, which is most traders liquidated their FIL tokens. However, Filecoin price showed a strong bullish formation. This might bring renewed hope for this cryptocurrency. Will Filecoin rise again? Can FIL reach 180$ again? There is some positivity to this claim, read on through our FIlecoin price prediction to know more 😉
What is Filecoin Crypto?
Filecoin is a decentralized storage provider that allows users to rent out spare storage space on their computers. It is also a cryptocurrency that incentivizes computer operators who provide file sharing and storage services. It is a peer-to-peer digital marketplace built on Interplanetary File System (IPFS) and reliant on blockchain technology. The protocol is open to all, as anyone can join and earn rewards for providing data storage space. Due to its decentralized approach, it doesn’t rely on centralized storage servers to keep data.
Filecoins wants to decrease the volume of big players in the currently centralized data storage market. According to Filecoin, these big players are the ones who dictate storage prices, jurisdictions and take the liberty of choosing which exact customers they want to provide with their services.
Filecoin Price Prediction – THIS must happen for FIL to BOOM
Although Filecoin has already broken a trend line, which is an indication that the price will form an uptrend, however, the price was rejected again at the resistance around $26.21, so we do not think that the price will start a new one just yet uptrend will start. Filecoin needs to break the $26.21 resistance for the price to rally. If this resistance is not broken, we continue to expect falling prices. If the price makes a new low, which would happen once the price drops below $16.13, we would expect prices around $10. The next support is around $7.50. However, with the psychological $10 level ahead of the support, the price could see a trend reversal as low as $10.
Which is Better – Filecoin or Bitcoin?
Filecoin price has managed to reach the ₿0.0005 support for the past two months and has formed a green doji for the last month (March). Because of this, we assume that the Filecoin price will outperform the Bitcoin price in the near future. Thus, the FIL/BTC pair is likely to increase in value. We anticipate the price to target the next resistance. This is around 0.001₿. Thus, 1 Filecoin could soon be worth 0.001₿.
