• Bullish FIL price prediction for 2023 is $4.975 to $7.048.
• Filecoin (FIL) price might reach $10 soon.
• Bearish FIL price prediction for 2023 is $2.702.

In Filecoin (FIL) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about FIL to analyze the future movement of the cryptocurrency.

Filecoin (FIL) Current Market Status

What is Filecoin (FIL)?

Filecoin (FIL) is the native cryptocurrency of the Filecoin blockchain. Filecoin is an open-source, decentralized storage protocol that exists on top of the InterPlanetary File System (IPFS). Filecoin (FIL) was launched in an ICO in 2017 whereas the Filecoin mainnet went live in October 2020. Filecoin was developed by Protocol Labs.

Filecoin enables users to store any size of data on multiple hack-proof storage providers or devices. It serves as a better alternative to the existing cloud storage providers such as Dropbox, Google Drive, and Amazon S3. Filecoin deploys proof-of-replication (PoRep) and proof-of-spacetime (PoSt) consensus mechanisms to secure the blockchain.

Miners use these consensus models to verify the data that is being stored on the blockchain. They require only GPUs, CPUs, and hard drives for mining. Filecoin nodes act as storage nodes. Filecoin (FIL) is given out as mining rewards and also as rewards to users for renting out the space for storage.

Filecoin (FIL) Price Prediction 2023

Filecoin (FIL) holds the 29th position on CoinGecko right now. FIL price prediction 2023 is explained below with a daily time frame.



FIL /USDT Descending Channel Pattern (Source: Tradingview)

The above chart of Filecoin (FIL) laid out the descending channel pattern. Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. but only after an upside penetration of the upper trend line. A descending channel is drawn by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend.

Within a descending channel, a trader could make a selling bet when the security price reaches its resistance trendline. An ascending channel is the opposite of a descending channel. Both ascending and descending channels are primary channels followed by technical analysts.

At the time of analysis, the price of Filecoin (FIL) was recorded at $4.52. If the pattern continues, the price of FIL might reach the resistance levels of $4.618, $6.711, and $8.8740. If the trend reverses, then the price of FIL may fall to $3.338.

Filecoin (FIL) Resistance and Support Levels

The chart below shows the support and resistance levels of Filecoin (FIL).



FIL /USDT Support and Resistance Levels (Source: Tradingview)

From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Filecoin (FIL).

FIL /USDT Support and Resistance Levels

The charts show that Filecoin (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 $7.048.

Accordingly, if the investors turn against the crypto, the price of Filecoin (FIL) might plummet to almost $4.016, a bearish signal.

Filecoin (FIL) Price Prediction 2023 — RVOL, MA, and RSI

The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Filecoin (FIL) are shown in the chart below.



FIL/USDT RVOL, MA, RSI (Source: TradingView)

The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.

At the time of analysis, the RVOL of Filecoin (FIL) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.

The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).

Notably, in the above chart, the FIL price lies above 50 MA (short-term), indicating its upward. Hence, FIL is in a bullish state. Although this is the current state, a trend reversal might occur.

Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.

Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.

At the time of analysis, the RSI of FIL is at 58.62. Therefore, this indicates FIL is a nearly overbought state. Also, this confirms that FIL sends out a buy signal.

Filecoin (FIL) Price Prediction 2023 — ADX, RVI

In the below chart, we analyze the strength and volatility of Filecoin (FIL) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).



FIL/USDT ADX, RVI (Source: TradingView)

To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.

According to the data on the above chart, the ADX of FIL lies in the range of 21.305 pointing out a weak trend.

The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of FIL lies below 50, indicating low volatility.

Comparison of FIL with BTC, ETH

Let us now compare the price movements of Filecoin (FIL) with that of Bitcoin (BTC), and Ethereum (ETH).



BTC Vs ETH Vs FIL Price Comparison (Source: TradingView)

From the above chart, we can interpret that the price action of FIL is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of FIL also increases or decreases respectively.

Filecoin (FIL) Price Prediction 2024-2030

With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Filecoin (FIL) between 2024 and 2030.

Filecoin (FIL) Price Prediction 2024

If bulls dominate the price momentum and trend patterns, then Filecoin (FIL) might successfully test and surpass its resistance levels to hit $15 by 2024.

Filecoin (FIL) Price Prediction 2025

The significant upgrades in the Filecoin ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Filecoin (FIL) price to reach $20 by 2025.

Filecoin (FIL) Price Prediction 2026

If Filecoin (FIL) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $25.

Filecoin (FIL) Price Prediction 2027

If Filecoin (FIL) sustains major resistance levels and stands as a better investment option in the market, then FIL would rally to hit $29.

Filecoin (FIL) Price Prediction 2028

If Filecoin (FIL) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then FIL would hit $35 by 2028.

Filecoin (FIL) Price Prediction 2029

If investors flock in and continue to place their bets on Filecoin (FIL), then the crypto would witness major spikes. Hence, FIL might hit $37 by 2029.

Filecoin (FIL) Price Prediction 2030

By 2030, the FIL price might rally to $40 if the trend momentum aligns in favor of Filecoin. Furthermore, FIL would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.

Conclusion

If Filecoin (FIL) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Filecoin (FIL) price prediction for 2023 is $7.048. Comparatively, the bearish Filecoin (FIL) price prediction for 2023 is $2.702.

If there is a positive elevation in the market momentum and investors’ sentiment, then Filecoin (FIL) might hit $10. Furthermore, with future upgrades and advancements in the Filecoin ecosystem, FIL might surpass its current all-time high (ATH) of $236.84 and mark its new ATH.

FAQ

1. What is Filecoin (FIL)?

Filecoin (FIL) is the native cryptocurrency of the Filecoin blockchain. Filecoin is an open-source, decentralized storage protocol that exists on top of the InterPlanetary File System (IPFS).

2. Where can you buy Filecoin (FIL)?

Traders can trade Filecoin (FIL) on the following cryptocurrency exchanges such as Binance, OKX, Deepcoin, CoinW, and Bitrue.

3. Will Filecoin (FIL) record a new ATH soon?

With the ongoing developments and upgrades within the Filecoin platform, Filecoin (FIL) has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Filecoin (FIL)?

Filecoin (FIL) hit its current all-time high (ATH) of $236.84 on April 01, 2021.

5. What is the lowest price of Filecoin (FIL)?

According to CoinMarketCap, FIL hit its all-time low (ATL) of $1.83 on Aug 03, 2019.

6. Will Filecoin (FIL) hit $10?

If Filecoin (FIL) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $10 soon.

7. What will be the Filecoin (FIL) price by 2024?

Filecoin (FIL) price might reach $15 by 2024.

8. What will be the Filecoin (FIL) price by 2025?

Filecoin (FIL) price might reach $20 by 2025.

9. What will be the Filecoin (FIL) price by 2026?

Filecoin (FIL) price might reach $25 by 2026.

10. What will be the Filecoin (FIL) price by 2027?

Filecoin (FIL) price might reach $29 by 2027.

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