Filecoin Price Prediction for Today, May 11: FIL/USD Faces Downside; Price May Hit $4.00 Low

The Filecoin price prediction is facing a downward trend; the dip is likely to worsen because of a recent decline in the crypto world.

Filecoin Prediction Statistics Data:

• Filecoin price now – $4.31
• Filecoin market cap – $1.8 billion
• Filecoin circulating supply – 422.5 million
• Filecoin total supply – 422.5 million
• Filecoin Coinmarketcap ranking – #31

FIL/USD Market

Key Levels:

Resistance levels: $7.50, $8.00, $8.50

Support levels: $1.55, $1.05, $0.55

FIL/USD like many other top cryptos is trading on the negative side. The current pullback has been across the board, and Filecoin is taking a strong hit as well. Currently trading at $4.31, it is dropping under the 9-day and 21-day moving averages at the time of writing this.

Filecoin Price Prediction: Where is Filecoin Price Going Next?

The Filecoin price is seen heading to the downside as the coin stays below the 9-day and 21-day moving averages. 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 $1.55, $1.05, and $0.55. Meanwhile, any bullish movement above the 9-day and 21-day moving averages may reach the next resistance at $7.50, $8.00, and $8.50 levels.

On the positive side, the technical indicator could start a new bullish session. It is, however, not clear how long the session will last because, this month, the bearish signals are more frequent than the bullish signals. Therefore, it is important to watch the support levels coupled with the movement of other indicators like the Relative Strength Index (RSI) and the Moving Averages (MA).

Against Bitcoin, the Filecoin price remains within the channel, trading at 1601 SAT under the 9-day and 21-day moving averages. Looking at the daily chart, if the coin can make a cross above this barrier, the bulls may end up dominating the market.

However, if the market drops more, the next key supports may come at 600 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 2700 SAT and above. According to the technical indicator Relative Strength Index (14), the market may begin to move up as soon as the signal line leaves the oversold region.

Filecoin Alternatives

The Filecoin price is currently hovering below the 9-day and 21-day moving averages. The coin will have to cross above the moving averages in other to guide against the downward pressure while the closest support expects the coin at $4.0, which could be a daily low. However, AiDoge is taking things to the next level by automating the meme generation process. Each generation is exclusive from the next, this alleviates the issue of the same memes circulating the internet time and time again as almost $8 million has been raised in the presale.