Filecoin Price Prediction: FIL bulls at inflection point
- Filecoin price is currently trading around the $52.55 crucial support level, which can make or break the altcoin.
- A bounce from this floor could propel FIL to $66.35 and $95.43 eventually.
- If the $35.36 support barrier is breached, it will invalidate the bullish thesis.
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.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
