Filecoin Price Prediction: Can FIL Rebound?

Key Insights:

• FIL stagnated between the $5-$6 price range for most of last month but has risen 38% over the last seven days. 
• The token surpassed the $11 mark on August 1 – a price level it had not seen since May 11, 2022.
• FIL is currently 96% below its all-time high price of $237.24 set on April 1, 2021. 

Considering that FIL was stuck in a price inactivity rut for nearly all of last month when it stagnated between the $5-$6 range, the coin has displayed a strong performance during the last seven days, rising over 38%.

In fact, the token surpassed the $11 mark on August 1 – a price level it had not seen since May 11, 2022. However, FIL has fallen 2% today to around $8.

Price Action

FIL started its journey on December 16, 2017 at $20.5. The token quickly surged to $26.5 by January 14, 2018, but following a drop to the $7 level in mid-March, FIL continued its descent, falling to as low as $4.467 by August 17.

After this, the token did not see much positive price action until mid-2020 when the Filecoin crypto rallied from $12.29 on June 21 to $23.75 on September 1, before doubling to $44.04 by October 17. However, FIL ended up closing the year at $24.35.

 

In March 2021, the computer hardware giant Xinyuan Technology signed a deal with the project to invest nearly $89 million in Filecoin miners. FIL rallied from the $40 level in mid-February 2021 to $76.78 by March 22, before closing that month at $125 and skyrocketing to its all-time high (ATH) price on April 1 at $237.24.

However, a strong correction followed and the Filecoin token plummeted to $68.21 on May 29 and then to $46.22 on June 21. Despite trading as low as $44.65 on July 19, FIL rebounded and rose to $113.6 on September 5 before crashing again to the $40 price level by early December and closing the year at $34.27.

FIL has certainly failed to regain its 2021 highs and more recently, it struggled to move above the $6 level, before spiking to $8.7228 on July 30 and reaching $11.17 on August 1 when it was trading inside a long-term descending parallel channel. The token is currently trading at $8.17 and ranks 34th in the list of cryptocurrencies worldwide at $2 billion. Resistance is at $11.56 and support can be found at $5.07.

 

Technical Indicators