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Filecoin Price Prediction: Will Filecoin Price Rally To $10?

Filecoin Price Prediction: Will Filecoin Price Rally To $10?
Filecoin Price Prediction: Will Filecoin Price Rally To $10?

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Filecoin has recorded impressive performances over the past seven days despite its current price decline. FIL has recorded an over 74% price gain in 7-days, a 61.8% increase in 14-day, and a 30-day rally of over 80%. 

Filecoin (FIL) beat all bearish sentiments by rallying from $3.11 in January to its current price of $8.41. These performances spiked the community’s interest in the Filecoin Virtual Machin Launch (FVM) that will go live in March 2023. 

The current improvement in investor sentiments with ongoing developments on the Filecoin network is among the factors fuelling this price performance. Many might be curious whether FIL will reach $10 before the end of February and continue its journey upward as 2023 progresses.

Filecoin’s price history and the following price prediction could hint at what you should expect from FIL in the coming days.

FIL Notable Price Trends 

As a storage cryptocurrency, FIL has outperformed its peers (collectively up by 42.60%) with a price gain of 74.70% over the past seven days. However, before these impressive price actions, Filecoin saw its fair share of ups and downs.

Filecoin’s initial coin offering was $1. According to historical data, FIL price reached $61.04 on October 15, 2020, but it started correcting. By October 22, 2020, FIL’s price had declined to $23.73. Throughout December 2020, the coin price consolidated between $29 and $30 till the 2021 bull run, when it hit an all-time high of $236.84 on April 1.

However, the 2022 crypto bear market caught up with FIL, pushing its price downward. FIL price dropped to an all-time low of $2.64 on December 16, 2022, before slowly rising to its current price.

Filecoin 2023 Price Performance

As of January 1, 2023, Filecoin (FIL) was trading at $3.11. However, the coin price increased steadily from $3.11 on January 1 to $5.69 on February 1, 2023. Although a brief downturn hit the market in the past week, the coin still recovered and rallied to its current price. 

On Saturday, February 18, the token price surged by 41.7%, closing the day at $7.69. The price declined by 2.5% on February 19, closing at $7.50. Although it is down by 8.2% at press time, FIL has seen a notable increase from the February 19 price. At press time, FIL trades at $8.46, with a 24-hour trading volume of $1,301,633,260.

Filecoin’s price is currently 222.44% higher than its all-time low of $2.64 and 96.40% lower than its all-time high of $236.84. 

Reasons For FIL Rally

Filecoin Network saw several developments this year, which include the following.

The Filecoin Virtual Machine (FVM) Launch

The Filecoin community is anticipating the launch of the FVM, a runtime environment for smart contracts on the Filecoin network. FVM allows smart contracts for dataDAOs, perpetual storage, financial services for miners, and much more, to build on the Filecoin blockchain.

The heightened anticipation and hype around this project launch are part of the factors pushing the Filecoin Price rally this month. Some firms, including Eclipse, a decentralized Google workspace for startups and businesses, are already building with FVM.

Filecoin Saturn Launch

The Filecoin network recently launched Filecoin Saturn, an open-source, community-rum content delivery network (CDN). Filecoin Saturn allows users who joined the network to run anode and earn Filecoin for promoting the decentralized web. This program launch might have brought new users to the Filecoin network.

As a storage cryptocurrency, nowadays, when hacking and security breach is prevalent, Filecoin helps people solve the problem of storage with its robust network. It could be attracting new Filecoin and among the factors fuelling the FIL price rally.

Increase in Investor sentiments

Investor sentiments have improved since February 14 with the release of January CPI data. Therefore, the global cryptocurrency market capitalization started increasing, and individual crypto assets, including Filecoin, followed suit. 

Crypto market investor sentiment is currently high. The fear and greed index, an investor sentiment indicator, is at 58, suggesting the crypto market sentiment is high. It could also be among the factors pushing Filecoin’s price.

FIL Price Outlook And Prediction

FIL has formed a red candle on the daily price chart today. Nevertheless, it is still on an uptrend and might resume its rally soon. The asset is trading above its 50-day Simple Moving Average (SMA) and 200-day SMA, which is a bullish signal in the short and long term.

Filecoin Price Prediction: Will Filecoin Price Rally To $10?

The support levels are $5.61, $6.57, and $7.48, while the resistance levels are $9.34, $10.30, and $11.21. Also, the Relative Strength Index (RSI) is 74.82, in the overbought zone above 70.

Despite the current slump, all indicators are bullish on the daily chart today. The Moving Average Convergence/Divergence (MACD) is above the signal line, reflecting the bullish trend. If the bulls prevail, expect Filecoin to rally to the $9.34 resistance level soon before crossing $10 in the next few weeks. However, the downtrend might persist if the bulls do not exert sufficient pressure. 

Filecoin Alternatives

Even though the price of Filecoin keeps fluctuating, investors can still make gains with some alternative tokens currently in their presale stages. Find them below

FightOut (FGHT)

FightOut is a platform that rewards users for keeping fit and leading healthy lives. This move-to-earn platform has customizable plans for various users and a mobile app for easy access. Its presale has raised $4.2 million so far, and FGHT, the native token, will increase in value with each presale round. Early investors can use these presales to earn when the coin lists.

C+Charge (CCHG)

This token is a payment token for charging electric vehicles (EVs). The owners are rewarded with carbon credits for transacting on the platform. The native token CCHG presale has raised $996,000 and will continue to rise with each new stage.

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