Filecoin is currently trending upward within a medium to long-term channel, suggesting a growing optimism among investors and projecting a sustained upward trajectory. Notably, there are no significant resistance levels evident in the price chart, indicating a potential for further ascent.
Crypto analyst Captain Faibik has drawn attention to the ongoing reevaluation of $FIL’s market dynamics, specifically its interaction with the pivotal support/resistance threshold at $8.90. This level holds immense significance as it delineates the potential for market sentiment to shift.
To turn this level into a confirmed support if it successfully retests, there is an opportunity for major recovery of $FIL’s price. Such a recovery could boost faith among investors to propel the coin’s value higher.
Even during a downturn, 7.60 points provide assistance to the currency. It also strengthens the current trend when analyzed with volume tops and bottoms that match prices highs and lows. Nonetheless, caution should be taken as Relative Strength Index (RSI) indicates negative divergence from the price thereby implying danger pertaining to downward correction.
Filecoin (FIL) Short-term Price Forecast
At the time of writing, Filecoin (FIL) is worth $8.86 after experiencing a slight fall of -2.96% over the last 24 hours. The cryptocurrency boasts a robust 24-hour trading volume of $1.14 billion that contributes to its market capitalization amounting to $4.65 billion.
The most current prediction for Filecoin by Changelly is bullish, with a forecasted increase of 13.09% in value and FIL reaching $10.28 by March 19, 2024. Technical indicators also support this outlook as they show that the market sentiment is highly bullish about Filecoin at 77%. Moreover, investors’ greed has been confirmed as the Fear & Greed Index registers 79, indicating extreme greed
In view of price changes experienced from the beginning of 2023, cryptocurrency experts expect that average rates for Filecoin will stabilize around $9.97 in March 2024. They propose that during this time span, its price may vary between $9.65 and $10.28 as a result. Such prediction points out possible ROI equaling to 8.3%, which implies the anticipated better performance of Filecoin soon.
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