What Is Filecoin? Filecoin is a peer-to-peer file storage network with built-in economic incentives to ensure that files are reliably stored over time.
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Filcoin Price Prediction | Introduction
With global emphasis on decentralized file hosting on the rise, the future is looking sunny for Filecoin (FIL). The startup is one of the leading decentralized storage networks, making Filecoin price prediction all the more important. It can always be the next cryptocurrency to explode this year.
Most analysts think Filecoin (FIL) is tops among decentralized storage network cryptocurrencies, with the consensus being a strong buy. At the time of writing this piece, FIL traded at $38.98. FIL price prediction reveals a coin that effortlessly holds its rating with a market cap of nearly $5.2 billion, according to CoinMarketCap.
FIL price prediction reveals founded expectations of higher sales volumes in the long run and free cash flow, including tokens, leftover after capital expenditure, dividend payment to token holders, and financial obligations. Filecoin has excellent potential in both the short-term and long-term.
Filecoin Price Prediction: Technical Analysis
Over the past few months, Filecoin (FIL) has reported values above estimates considering roller coaster conditions. On the technical side, Filecoin price prediction technical analysis shows the potential for short-term breakout development. Specifically, the token has been consolidating of late, trading support at $46.35 and $96.41 resistance.
As the chart above shows, if the $70 to $74 FIL price range holds and FIL moves above $80.46, we could see a move back to the $96.41 area and possibly a breakout beyond that. Of course, traders should expect short-term price rejection, but the potentially bullish development should prevail.
The uptrend is being confirmed by a corresponding formation in the DMI scale. Certainly, FIL has a fair amount of work to do, with important resistance looming at $86.66. In addition, a move above $80.46 for RSI would confirm the odds for a FIL price prediction higher.
Nevertheless, the odds that, barring the major roller coaster ride the crypto market has been riding, the best of FIL is yet to come. Filecoin looks poised to deliver a strong enough turnaround to make a bullish finish to the year. This crypto looks to be testing its own important resistance at the 200-day moving average, which could be a signal for significant crypto gains to be made.
FIL is certainly in the profit-making zone, having built up a solid breakout formation. If FIL prices fail, at the very least, to remain above their 50-day moving average without RSI climbing back above 50, things could get interesting for traders.
The markets are all about future growth. The good news is analysts are upgrading their crypto price prediction estimates for Q3 and Q4 for 2020, with predictions revised higher. It is not too late to capitalize on this market action, as there is plenty of time before a reliable breakout is cemented.
Filecoin Price Prediction: Market Opinions
Could FIL get back to history highs? The formation building up for a breakout is attracting optimistic Filecoin price prediction. The leading decentralized file storage network is staging a comeback that has taken up more than 50% from recent lows.
Out are predictions that the native currency to the Filecoin network was ready to retest $88 before the end of August 2021, amid a slew of positive headlines that, according to WalletInvestor, could push it higher. Back in vogue are predictions that FIL will keep rallying again to its all-time highs and beyond.
Besides, there is plenty superlative to mark a movement to a new high of $187.6 within a year, according to Gov.Capital. Filecoin has been up four weeks straight, and the pace is ripe enough for a monthly advance to record new highs. This performance could be the most lucrative advance of cryptocurrency in a year.
The optimism shared by TradingBeasts is, however, on a level of its own. The analysts predict a fast-paced advance over the next few months, vaulting towards $167 by the end of the year. This forecast collaborates with what WalletInvestor predicts could end with a value of $257 by the end of Q2 2022.
Digital Coin Price
Digital Coin Price forecasts a roaring valuation for Filecoin, predicting the coin could burst through inconceivable levels and settle for $458.22 in the next five years. That’s a positive outlook and positive catalysts to improve gains made to investors.
In the short run, CoinQuora sees an esoteric formation for Filecoin, which could propel the crypto to $300 with the 2021 to 2022 timeframe. The technical analysis alone points to key metrics to support the idea that a solid uptrend could form as soon as a post-breakout price rejection is wiped out.
All said the community on Reddit offers some attractive outlooks for Filecoin, with accompanying technical analysis adding weight to bullish and bearish sentiments. On average, the Filecoin price prediction for 2021 to 2022 is a price of $50 north and south of $250.
What does the pro trader think of FIL? Prominent swing trader, JalaPablo, shares the idea that Filecoin is preparing to take it to the moon. Likewise, crypto commentator BbiKkuMi has Filecoin listed firmly as a reliable buyer for the 2021-2022 cryptocurrency portfolio.
Latest News and Happening Concerning Filecoin (FIL)
Strategies are tossing plenty of good news from Filecoin to justify a soaring price target, which has long been a part of the investment thesis behind a decentralized file storage network.
At the start of August, Filecoin launched a collaboration seeking to accelerate the growth of the Web3 Stack. Partnering with NEAR, Filecoin launched a $300,000 joint grant to excite the community by supporting developers who want to explore new opportunities from this protocol. Participants will gain access to support product development.
More grants were directed to accelerate the development of hybrid smart contracts, launched in collaboration with Chainlink launched in August as well. The motive is to advance the economic and social advantage to accelerate the development of tamper-proof and immutable properties for decentralized file storage.
Filecoin is investing big in Web3 interoperability because, as far as fortune-telling goes, this is the future of the internet. In late July, Filecoin launched yet another grant designed to encourage development in Web3 interoperability. The grant, which was launched in partnership with Hedera Hashgraph (the system to replace blockchain), aims to showcase the real-world utilization of both networks. If you’re also interested in knowing more about Hedera Hashgraph, feel free to check out our HBAR price prediction for 2021-2022.
Even better news for investors, Gemini Exchange, elected to serve as the custodian for Filecoin in the Australian jurisdiction. The news is significant because Gemini is a major play in cryptocurrency exchanges, and the plan to add Filecoin as part of its expansion drive to the Southeast adds a layer of confidence for investors to enjoy.
Gemini Exchange will hold Filecoin investments for multiple Australian Equity Managers. The fund includes equities managers with a focus on innovation and wealth management. Filecoin is positioned as a lucrative access point for wealthy investors, who are raising $18.4 million to raise over the next three months.
This Filecoin fund is designed for investors to invest in a unique asset. It will pay in FIL at maturity, with each investor pocketing FIL tokens for their shares. This structure gives Filecoin price prediction credibility. To be sure, fundamental tying development to FIL price predictions creates room to capitalize on the expected growth in momentum.
Filecoin Price Prediction: Verdict
This Filecoin price prediction reveals good news amid the recent volatility of the cryptocurrency market. After a bearish season in Q2 2021, FIL is positioned for a bullish breakout in the coming days. FIL price predictions support the analysis that the token is a solid buy.
Featured image: Unsplash.com
Note: This post was originally published on 16 August 2021 and has been updated for the completeness and veracity of the content on 7 December 2021.