Filecoin Price Prediction: FIL bulls at inflection point

Filecoin price seems to be at a critical point in its journey as it trades around a key support level. This barrier has prevented it from massive drawdowns during the May 19 and June 21 sell-offs. Despite a brief dip below it on June 22, FIL is holding above it, indicating buyers’ presence.

Filecoin price at crossroads

Filecoin price is currently hovering above $52.55, a support level that served as a launching pad during mid-March and prevented the altcoin from massive downswings during the recent slump. FIL has been testing this barrier for over two weeks, indicating that the investors are booking profits.

FIL will face a decision, bounce from this area to restart the uptrend or slice through it to further exacerbate the crash.

Assuming Filecoin price sweeps $52.55 and kick-starts a minor upswing, it will need to produce a decisive daily candlestick close above $66.37 to confirm it. If this were to happen, Filecoin price would likely rally another 43% to tag the June 4 swing high at $95.43, roughly an 82% climb from its current position - $52.62.

FIL/USDT 1-day chart

On the flip side, if Filecoin price breaches below $52.55, it could shed 18% to encounter another support level at $42.43. Although unlikely, FIL bulls could restart the upswing here.

However, the bullish thesis will face invalidation if the sellers push through this barrier to produce a daily close below it. In such a case, Filecoin price might drop another 14% to tag $30.94.