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A decentralized data storage network called Filecoin, developed by Protocol Labs, enables users to resell extra storage space on a public marketplace. It serves as the IPFS (InterPlanetary File System), a peer-to-peer network for storing and distributing data files, incentives, and security layers. Users pay storage providers in Filcoin's native token, FIL, for the right to store and distribute data on the network, turning IPFS' storage system into an "algorithmic market" with Filecoin.
$FIL Technical Analysis
The Bullish Flag pattern, a continuation pattern, has been established by the FIL/USD pair on the hourly chart of Filecoin's price. In the short term, the price may increase further if this pattern breaks out, signaling that the bulls are in charge of the market. The price of the currency rose from its opening price of $5.85 to a high of $6.19, but the bulls were unable to hold these levels, and the coin fell back to its current price of $5.96.
Since the MACD line is above the signal line, the market momentum is being controlled by the bulls. On the 4-hour price chart, the Relative Strength Index is currently close to 60, indicating that the market is overbought. There is still some possibility for the price to rise, though, as the RSI is not at an extreme point. The Bollinger Bands have been advancing above the candlesticks, indicating that the bulls are still in charge of the market.
According to the price analysis of Filecoin, the bulls are in charge of the market and the price may rise further in the near future. The 4-hour and 1-day charts' technical indicators are both displaying bullish signals, which suggests that the price may rise further in the near future. The bulls' next obstacle is at $6.19; if they can overcome it, a move in the direction of $6.50 is possible. Support for the downside is seen at $5.60, and if the price drops through it, we might see a test of the $5.30-level.
$FIL Price Prediction
The Filecoin price reached the $5.12 support level on July 26 according to the chart below. Since then, there has been an intense upward push in price, leading to a market gain of 16%.
With the price of Filecoin up 2% today, it appears that the bullish trend to the higher is continuing. The chart also reveals that the session's morning hours were much more aggressive, reaching the $6.2 price level before retreating by 2% to the present price.
Based on my research of recent price movement, I anticipate that the strong aggressive positive advance will continue during today's trading session and that the price may even surpass today's high of $6.2. For the upcoming trading sessions, I anticipate that the strong bullish trend will hold.
In the upcoming trading sessions, Filecoin is quite likely to encounter the $6.8 resistance level. However, if the price falls below the opening price of yesterday, $5.65, my bullish analysis will be proven incorrect. Additionally, it will indicate a potential negative trend or a sideways market.