Filecoin Price Prediction 2021 – Will FIL Hit $173 Soon?

Filecoin Price Prediction 2021 - Will FIL Hit $173 Soon?
  • Bullish FIL price prediction ranges from $54.28 to $170.76.
  • FIL price might also reach $173 soon.
  • FIL bearish market price prediction for 2021 is $40.15.

In Filecoin (FIL) price prediction 2021, we use statistics, price patterns, ADX, and much other information about FIL to analyze the future movement of the cryptocurrency. 

Filecoin is a decentralized storage network based on the Interplanetary File Storage Protocol (IPFS). It aims to use unused storage globally in the efficient storage market, allowing users to pay for cheap storage. 

The goal is to provide persistent and distributed storage of files. Compare it with centralized cloud storage such as Amazon Web Services, Google Cloud, or Dropbox, whose data is stored on the servers of these private companies. FIL is also the currency of a decentralized storage network. 

Current Market Status of Filecoin (FIL)

According to CoinGecko, Filecoin (FIL) price is trading at $50.2 with a 24-hour trading volume of $463,477,902, at the time of writing. However, FIL has increased by 0.6% in the last 24 hours.

Moreover, FIL has a circulating supply of 91,552,350 FIL. Currently, FIL trades in cryptocurrency exchanges such as Binance, Huobi Global, Coinbase Exchange, Gate.io, and Kraken.

Filecoin (FIL) Price Prediction 2021

Filecoin (FIL) holds the 26th position on CoinGecko right now. FIL price prediction 2021 explained below with a daily time frame.

FIL/USDT Flag Pattern (Source: TradingView)

A flag pattern is a type of chart continuation pattern that shows candlesticks contained in a small parallelogram. It is an area of accumulation which shows a counter-trend move that follows after a sharp price movement. A flag pattern allows traders to enter the market in the middle of the trend.

In the daily time frame chart, it is possible for the FIL to reach $173 if the bull trend continues. Or else, if the price of the FIL breaks the resistance level of $54.2, it will fall to the next support level at $40.15. So, the trend of the FIL is based on the breakout.

Filecoin (FIL) Support and Resistance Level

The below chart shows the support and resistance level of FIL.

FIL/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frame, it is clear the following are the resistance and support levels of FIL.

  • Resistance Level 1 – $66.72
  • Resistance Level 2 – $100
  • Resistance Level 3 – $170.76
  • Support Level 1 – $39.5
  • Support Level 2 – $31

The charts show that FIL has performed a bullish trend over the past month. If this trend continues, FIL might run along with the bulls overtaking its resistance level at $170.

Conversely, if the investors turn against the crypto, the price of FIL might plummet to almost $31, a bearish signal.

Filecoin (FIL) Average Directional Index (ADX)

Now let’s look at the average directional index (ADX) of FIL. ADX helps traders to  determine the strength of a trend, not its actual direction. It can be used to determine if the market is changing or if a new trend is starting. However, it is related to the Directional Movement Index.

Moreover, the oscillators range from 0 to 100. In addition, a high value represents a strong trend, while a low value indicates a weak trend. It is often used in combination with direction indicators. 

FIL/USDT ADX(Source: TradingView)

The above chart shows the ADX of FIL stays above the range of 24.7, so it indicates a weak trend.

Conclusion

FIL is one of the cryptos that keeps its ground against the bearish market. Furthermore, our long-term FIL price prediction 2021 is bullish. It has a huge possibility of overtaking its current all-time-high (ATH) of $236 this year. However, this will only happen if FIL breaks many past psychological resistances.

Furthermore, with the ongoing developments and upgrades within the FIL ecosystem, it could experience a great future ahead in 2021. It may reach $100 soon and it might even reach high heights, however reaching $173, if investors have planned that FIL is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.