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The Filecoin price prediction is facing a downward trend; the dip is likely to worsen if the sellers bring the price below the 9-day moving average.
Filecoin Prediction Statistics Data:
- Filecoin price now – $3.71
- Filecoin market cap – $2.1 billion
- Filecoin circulating supply – 577.4 million
- Filecoin total supply – 1.9 billion
- Filecoin Coinmarketcap ranking – #35
When it comes to crypto investments, timing can be everything. Being early in a project often provides significant advantages, especially when it comes to price appreciation. For instance, if you had invested when Filecoin (FIL) reached its all-time low of $1.83 on August 9, 2019, you would have seen an impressive increase of +102.78%. Even with its recent fluctuations, ranging between $3.60 and $3.77 in the past 24 hours, the token has shown resilience over time. Although it’s far from its all-time high of $237.24, set on April 1, 2021, the potential for future growth remains, especially for those who get in early.
FIL/USD Market
Key Levels:
Resistance levels: $5.0, $5.5, $6.0
Support levels: $2.5, $2.0, $1.5
FIL/USD is trading within a well-defined downtrend channel on the daily timeframe, established in May 2024. This channel has seen multiple instances of price testing at both resistance and support levels. Recently, FIL reversed its downward movement before touching the channel’s support line, driven by a double bullish divergence. This divergence is identified through higher lows on both the moving averages and the volume.
Filecoin Price Prediction: Where is Filecoin Price Going Next?
According to the daily chart, as Filecoin (FIL) begins its upward trajectory, it may approach the channel’s resistance around $4.30. Beyond this point, a more significant resistance zone could be identified between $4.60 and $4.98. Meanwhile, this zone has historically alternated between acting as support and resistance, making it a critical level to watch. The ability of FIL to break through this zone will be pivotal for its short-term price movement.
Nonetheless, the Filecoin price could head toward the downside if crosses below the 9-day moving average. On the downside, a move below the lower boundary of the channel; may increase the short-term selling pressure while the next supports may come at a psychological $2.5, $2.0, and $1.5. Meanwhile, any bullish movement above the upper boundary of the channel may reach the next resistance at $5.0, $5.5, and $6.0 levels.
FIL/BTC Goes Bearishly
Against Bitcoin, the Filecoin price remains within the channel, trading at 609 SAT within the 9-day and 21-day moving averages. Looking at the daily chart, if the coin can make a bullish cross above this barrier, the bulls may end up dominating the market.
However, if the market drops more, the next key support may come at 500 SAT and below. On the bullish side, a possible rise could push the market above the upper boundary of the channel to hit the resistance level of 750 SAT and above. According to the technical indicator, the market may begin to move up if the FIL/BTC can make a bullish cross above the 21-day moving average.
Meanwhile, @WorldOfCharts1, who has over 34,000 followers on X (formerly Twitter), noted that $FIL is rebounding from a key support area and has recently broken through its first resistance level. He anticipates a test of the descending channel’s trendline resistance, with a successful breakout potentially leading to a 2-3x bullish wave in the midterm.
Bouncing From Crucial Support Area Recently Breaks 1st Resistance Expecting Test Of Descending Channel Trendline Resistance Successful Incase Of Successful Breakout Expecting 2-3x Bullish Wave In Midterm pic.twitter.com/zxjg10au2M
— World Of Charts (@WorldOfCharts1) August 8, 2024
Filecoin Alternatives
The Filecoin price is currently trading between the 9-day and 21-day moving averages. To counteract downward pressure, the coin needs to break above the 21-day moving average, with the nearest support level anticipated at $3.5, which could mark a daily low. Meanwhile, the PlayDoge project, a play-to-earn (P2E) platform, incorporates elements of the classic Tamagotchi virtual pet within a blockchain-powered ecosystem. This platform, where users can interact with a digital dog, is driven by Play tokens. The ongoing presale has already raised over $6 million, with projections aiming for $10 million by launch.
PLAYDOGE IS ABOUT TO EXPLODE
The PlayDoge project offers high-definition graphics, interactive pet care, and secure blockchain features, making it attractive to both gamers and investors. With competitive staking rewards at 77% and a strong roadmap for future growth, now is an opportune time to invest and benefit from the momentum as PlayDoge prepares for its next phase of development and marketing.
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