Filecoin (FIL) is exhibiting signs of a rebound and appears primed for an upward trajectory. After reaching a recent peak of $11.81, FIL has retraced to $7.86, marking a 25% decrease over the past week. Despite this temporary setback, FIL is now attracting renewed interest and shows promise for a significant surge in value.
Crypto analyst Ali Martinez has pointed out that the TD Sequential indicator has signaled a buying opportunity on Filecoin’s daily chart. Should Filecoin ($FIL) manage to close above the 50-day Exponential Moving Average (EMA), there is potential for a one to four candlestick upswing.
Furthermore, Filecoin is currently following an upward trend channel in the medium to long term. Such trends suggest positive development for the currency, with increasing buying interest among investors.
However, in the short term, Filecoin has breached a support level, signaling a negative outlook for short-term trading. Currently testing support at $7.60; a positive reaction may occur if this level holds. Conversely, a downward breakthrough of $7.60 would indicate a negative signal for Filecoin’s trajectory.
Filecoin (FIL) Potential to Surge 19%
As of the most recent data, Filecoin is currently trading at $7.80, with a significant 24-hour trading volume of $1.10 billion and a market capitalization of $4.25 billion. Over the last day, the price of FIL has seen a decrease of 4.59%.
Looking ahead, Changelly’s latest forecast suggests an optimistic outlook for Filecoin, projecting an 18.98% increase in value, potentially reaching $9.53 by March 21, 2024. This forecast is supported by technical indicators showing a Neutral Bullish sentiment at 70%, along with an unusually high Fear & Greed Index score of 79, indicating Extreme Greed among investors.
Reflecting on past trends, experts in the crypto sphere anticipate Filecoin to maintain an upward trajectory, with an average rate of $9.90 expected in March 2024. The projected price range spans from a minimum of $9.53 to a maximum of $10.26. Investors eyeing Filecoin may find this forecast appealing, as it suggests a potential Return on Investment (ROI) of 15.1%.
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