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Filecoin (FIL) support level – To stabilize or to drop further?

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Filecoin (FIL) established its all-time high at $188 during April. The cryptocurrency had been oscillating between resistance and support ever since. The bullish pullback of the Filecoin coin was ruined as the cryptocurrency market neared a crash similar to the 2018 one. At the time of writing, Filecoin crypto stands at a price level of $88. The price has been down by 16% in the past twenty-four hours while the daily trading volume is going upwards. Ranked twenty-sixth in the market, the capitalization of the coin has been suffering as well.

Filecoin (FIL) Technical Analysis

The market sentiment for Filecoin crypto is strongly bearish. Out of the twenty-four technical indicators, fifteen are giving out an indication of the sell while eight are standing at a neutral position with only one indication of buy. Both the oscillators and moving averages are strong bearish.

Filecoin (FIL) Technical Analysis
Filecoin (FIL) Technical Analysis

Filecoin (FIL) had been identified by a trader to be operating in a descending channel formation. The channel had been further divided. Filecoin, amidst the strong bearish downtrend, has fallen towards the lower portion of the channel. The trader had identified the price level of $88 as a strong support level – with the convergence of a supporting line with the lower boundary of the formation. FIL crypto is testing the strong support level at the time of writing. The upcoming price action of the coin will prove to be crucial as it is imperative to find out whether or not the cryptocurrency will be able to hold the support level.

Filecoin (FIL) Price Prediction

Wallet Investors’ one-year prediction shows Filecoin to climb upwards. The price level of FIL crypto is expected to be at $348 while the five-year prediction shows a price of $1329. Digital Coin Price also suggests a bullish trend in the coming years for FIL coin. Their projections estimate Filecoin to be trading at $127 by the end of the year and at a price level of $387 in five years’ time.

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