The Filecoin value prediction is going through a downward development; the dip is more likely to worsen if the sellers convey the value under the 9-day shifting common.
The Filecoin (FIL) price prediction is showing signs of a downward trend, and this dip could worsen if sellers manage to push the price below the 9-day moving average.
Here's a closer look at the FIL price analysis for August 8, 2024.
Filecoin Prediction Statistics
When it comes to crypto investments, timing is everything. Being early in a project usually offers significant benefits, especially in the case of price appreciation.
For example, if you had invested when Filecoin (FIL) reached its all-time low of $1.83 on August 9, 2019, you would have seen an impressive gain of +102.78%.
Even with its current fluctuations, ranging between $3.60 and $3.77 in the past 24 hours, the token has shown resilience over time. While it is still far from its all-time high of $237.24, set on April 1, 2021, the potential for further growth remains, especially for those who get in early.
FIL/USD Market
Key Ranges:
Resistance ranges: $5.0, $5.5, $6.0
Support ranges: $2.5, $2.0, $1.5
FILUSD – Daily Chart
On the daily timeframe, FIL/USD is trading within a well-defined downtrend channel, established in May 2024. This channel has seen multiple instances of price testing at both resistance and support levels.
Recently, FIL reversed its downward movement before touching the channel's support line, driven by a double bullish divergence. This divergence is visible through higher lows on both the moving averages and the volume.
As per the daily chart, with Filecoin (FIL) beginning to move up, it could approach the channel's resistance at around $4.30. Past this level, a more substantial resistance zone could be found between $4.60 and $4.98. Notably, this zone has historically alternated between acting as support and resistance, making it a crucial level to watch. FIL's ability to break through this zone will be pivotal for its short-term price action.
However, the Filecoin price may head towards the downside if it crosses below the 9-day moving average. On the downside, a move below the lower boundary of the channel could increase the short-term selling pressure, while the next supports may come at psychological $2.5, $2.0, and $1.5. Meanwhile, any bullish movement above the upper boundary of the channel could reach the next resistance at $5.0, $5.5, and $6.0 levels.
FIL/BTC Goes Bearishly
Against Bitcoin, the Filecoin price is still trading within the channel, at 609 SAT between the 9-day and 21-day moving averages. Looking at the daily chart, if the coin manages to make a bullish cross above this barrier, the bulls could end up dominating the market.
FILBTC – Daily Chart
However, if the market drops further, the next key support could come at 500 SAT and below. On the bullish side, a potential uptrend could push the market above the upper boundary of the channel to hit the resistance level of 750 SAT and above. According to the technical indicator, the market may start to move up if the FIL/BTC manages to make a bullish cross above the 21-day moving average.
Meanwhile, @WorldOfCharts1, who has over 34,000 followers on X (formerly Twitter), noted that $FIL is rebounding from a key support zone and has recently broken through its first resistance level. He anticipates a test of the descending channel's trendline resistance, with a successful breakout potentially leading to a 2-3x bullish wave in the midterm.
$Fil #Fil
Bouncing From Essential Assist Space Lately Breaks 1st Resistance Anticipating Check Of Descending Channel Trendline Resistance Profitable Incase Of Profitable Breakout Anticipating 2-3x Bullish Wave In Midterm
Filecoin Features
The Filecoin price is currently trading between the 9-day and 21-day moving averages. To counter the downward pressure, the coin needs to break above the 21-day moving average, with the closest support level expected at $3.5, which would mark a daily low.
Meanwhile, the PlayDoge project, a play-to-earn (P2E) platform, integrates elements of the classic Tamagotchi digital pet into a blockchain-powered ecosystem. This platform, where users can
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