Filecoin (FIL) had been declining sharply since the beginning of May. The bullish momentum of the bull run got lost as the bears began dominating the crypto market. Filecoin had been declining since with some minor upside movements that could not be sustained. At the time of writing, Filecoin stands at a price level of $46.57. The price had declined very slightly in the past twenty-four hours while the trading volume has increased. The volatility of the cryptocurrency has declined greatly, although the bulls are still dormant.

Filecoin (FIL) technical analysis

The market outlook for the cryptocurrency continues to be bearish. Out of the total twenty-six technical indicators, fifteen are giving out an indication of sell with nine indicators standing at a neutral position and only two indicators at a buy position.

Filecoin (FIL) had been identified to be operating in a descending channel formation since the beginning of July. The cryptocurrency had been decreasing sharply. After testing the support level at the lower boundary of the channel, Filecoin (FIL) saw slight bullish momentum and began moving upwards inside the channel. If the bullish momentum can be regained then an upward breakout from the channel is likely. In that case, the price targets at $55.20 followed by $73.55 will be activated. The support level at $43.5 at the lower boundary can be retested for an upside pullback or if the level fails to hold then the support level at $39.0 will help stabilize the cryptocurrency.

Filecoin (FIL) price prediction

The decentralized storage platform aims to “store humanity’s most important information”. With decentralization gaining momentum, Filecoin and other decentralized solutions will gain more importance. The price projections for Filecoin are bullish. Wallet Investor predicts a price of $575 in five years’ time – a staggering increase of 1,150%. Digital Coin Price is not as bullish on the cryptocurrency and projects a price of $163 by the end of the year 2026.