Today’s Filecoin price prediction is bullish as the market has consolidated for the past days above $160 support and 50 percent Fibonacci retracement level. Therefore, we expect the market to rally over the upcoming days to reach the next target at $205.
Cryptocurrency heat map. Source: Coin360
The overall cryptocurrency market traded with a strong bullish momentum over the last 24 hours as most of the altcoins have increased by at least 5 percent. The market leader, Bitcoin, has gained 6 percent as it looks to reach the $65,000 price mark finally. Ethereum has seen an even better performance with a gain of over 10 percent. XRP, VET, TRX, and EOS are among the best performers with 20-25 percent gains.
Filecoin price prediction: Filecoin consolidates around 50 percent Fib level, prepares to move higher
FIL/USD opened at $164 today after consolidating yesterday above the $160 support. Since further downside was rejected with a bullish pin bar printed on the chart, we assume that the market will not move any lower. Over the next 24 hours, we expect FIL/USD to start trading higher as it likely looks to reach the previous major swing high at $190 by the end of this week.
Filecoin price movement in the last 24 hours
The FIL/USD price moved in a range of $160 – $169, indicating moderate volatility. 24 hour trading volume has dropped by 28.66 percent and totals $2 billion, indicating a reduced market interest around the current price levels. The total market cap stands just below $11 billion, ranking the cryptocurrency in 16th place overall.
FIL/USD 4-hour chart – FIL consolidates above $160
On the 4-hour chart, we can see FIL/USD rejecting further downside and consolidating above $160 support for the past 24 hours. This price action structure should lead Filecoin to move higher over the upcoming days.
FIL/USD 4-hour chart. Source: TradingView
Overall, Filecoin has performed great over the past weeks. After finding support around the $32 mark at the end of February, the market consolidated for several days until it finally started to push higher at the beginning of March slowly. Over the following weeks, FIL/USD gained momentum and made three strong waves higher until a strong rejection for further upside was finally made around $237 on the 1st of April, resulting in a gain of almost 650 percent.
Over the following days, the Filecoin price saw a strong retracement of around 33 percent until support was found at the $160 mark. From there, the market pushed slightly higher until resistance was found at $190 and reversed again, retracing 30 percent again to the $135 support. Therefore, FIL/USD price action completed an ABC retracement pattern with two distinct waves lower.
On the 7th of April, Filecoin price momentum became bullish again and traded to retest the previous resistance at $190. As FIL/USD respected the previous resistance, another retracement was made to the $160 mark, where we saw the market previously supported at the beginning of April. Additionally, the area between 50 and 61.8 Fibonacci retracement is located around the same support, meaning that Filecoin is currently not likely to move any lower. Therefore, the Filecoin price action currently offers a good trade setup in terms of risk/reward if we consider the next upside target at $205.
If FIL/USD breaks below the $160 mark, the overall price sentiment will become bearish again, likely leading to another push lower over several days. In this scenario, the next support level is located around the $135 mark, where the current several week low is set. From there, the $120 mark will provide additional support.
Filecoin Price Prediction: Conclusion
Filecoin price prediction is bullish as the market has established a strong base at the $160 mark, from which to attempt to push higher later this week. Therefore, we expect the previous high at $190 and the next resistance target at $205 to be reached by the end of this week.