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Filecoin Price Prediction: FIL Readies For A 25% Upswing

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Filecoin price Logo
Filecoin price Logo

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Filecoin (FIL) displayed strength on Tuesday rising as much as 13% from lows of $2.95 to brush shoulders with $3.7. With the appearance of a bullish technical formation, it was expected that the crypto may hit critical levels to exit the consolidation range. The upswing appears to have been fueled by the news that the blockchains development team had published ideas on how users can utilize build on the Filecoin Virtual Machine (FVM).

Filecoin Price Coils Under $3.0

FIL was hovering at $2.98 on the four-hour chart with a negative bias, as bears focused on cutting back some of the ground gained during December 27’s relief rally. The four-hour chart reinforced the decreasing volatility in Filecoin’s price as an ascending triangle appeared on the chart as shown below.

The 50-day simple moving average (SMA) was flattening out and the Relative Strength Index (RSI) was moving sideways close to the midline, validating the consolidation of the price. The momentum strength at 48 implied that the buying and selling pressures were almost balancing out.

In addition, the Moving Average Convergence Divergence (MACD) indicator was moving horizontally along the neutral line. This suggested that the buyers and sellers were canceling out. Therefore, the Filecoin price was in a “no trade zone”, with traders being advised to adopt a “no hands approach” until a clear directional bias is established.

FIL/USD Four-Hour Chart

FileCoin Price chart
TradingView Chart: FIL/USD

The four-hour chart (above) showed that FIL traded inside an ascending triangle. This is a highly bullish chart pattern that forecasts a 25% breakout upward, once the price breaks above the triangle’s resistance line at $3.2.

However, before reaching this target, the Filecoin bulls have to fight supplier congestion from the 100-day SMA at $3.35 and the $3.5 psychological level. 

On the downside, the $2.97 level, where all the 50-day SMA and the rising trendline of the triangle appeared to merge, provided immediate support for the pioneer cryptocurrency. If the bulls manage to hold above this level, they could be strengthened to push FIL upwards toward the horizontal trendline of the triangle at $3.2.

On the flip side, the Filecoins price could continue the downtrend if the support at $2.97 does not hold. Therefore, a daily candlestick close below this level would confirm a breakout from consolidation to the downside with the next line of defense emerging from the $2.81 intermediate support level. Below that, Filecoin price could drop towards the $2.32 swing low or the $2.2 psychological level.

Other Altcoins With Promising Returns

The bearish conditions in the market are likely to continue into the new year. This only leaves crypto investors hopeful that the new year will bring good tidings to the digital asset market. In the meantime, market participants are looking for alternative projects that they can pump their capital into and diversify their crypto portfolio. 

As such, some interesting tokens are currently on presale with the potential to multiply investors’ returns in 2023. An example of such crypto with an optimistic outlook is FightOut, an innovative Web 3.0 initiative designed for a healthy and fit lifestyle both in real life and in the Metaverse while at the same time building a real-world community, including physical gym chains alongside each player’s virtual avatar to keep players engaged.

The project started its private sale in early December, having raised more than $1 million in funding. The project developers have now opened the token to the general public, and stage one of the presale has already raised more than $2.3 million. 

The team behind Fightout is currently running a giveaway for those vesting the token for more than 24 months and buying more than $500 worth of FGHT.

Visit Fightout Here

Similarly, C+Charge comes in as well among these promising tokens. This platform is changing the narrative in the carbon credits market aimed at sustaining carbon-free electric vehicles (EVs) globally. If you own an electric car, you can utilize C+Charge, such that you charge your EV at charging stations and pay using C+Charge tokens, $CCHG.

Additionally, you earn carbon credits when you pay these charging stations with $CCHG. 

The carbon credits are then converted to non-fungible tokens (NFTs), which the owner can choose to hold or trade. This green platform is underway, with the presale event giving you a chance to purchase $CCHG at a low price before the token is listed on crypto exchanges. At the time of writing, the C+Charge has raised more than $4,500 dollars in the presale launched only 10 days ago.

After phase one of the CCHG presale currently ongoing, the price will increase gradually. This means that NOW is the ideal time to grab your CCHG tokens at discounted prices.

Visit C+Charge here

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