The most recent valuation of a single Filecoin (FIL) coin stands at $3.90, marking a 15% increase over the past 24 hours.
On approximately 47.71% of days, the FIL price has concluded higher than its opening value. The highest-ever recorded FIL price was $207.75, occurring 2 years and 6 months ago. Presently, the price has declined by -98.12% from that peak.
Out of a total of 17 technical indicators, 10 suggest buying, and 6 suggest selling, with a short-term sentiment forecast leaning towards bullish based on technical price analysis. The primary resistance point for FIL in its current upward trend is at the $5.02 level.
To maintain upward momentum, it must surpass this threshold, while the primary support level is situated at $3.59. Should the price dip below $3.59, a further decline may be anticipated. Conversely, if it manages to close above $5.02, the next resistance level at $5.02 may become a target.
Historically, October has been the most favorable month for Filecoin over the past seven years, with four instances of the end-of-month price exceeding the starting value.
Conversely, September has proven to be the least favorable, with five out of seven instances seeing the price lower at the end of the month compared to the start.
Filecoin has experienced three notable bull runs in its history. The first all-time high (ATH) was in January 2018, when Filecoin reached $30.15. Subsequently, after 620.96 days, the price plummeted to a low of $2.26 before the next bull run. It took approximately three years, since January 2018, to attain a new ATH. The most recent bull run occurred in April 2021, and 936 days have passed since then.
The projected Filecoin price for 2024 is $5.80.
What Factors Influence Filecoin’s Price?
The price journey of Filecoin leading to its all-time high (ATH) of $237.24 on April 21, 2021, has been characterized by significant fluctuations.
It initially entered the market at an exchange rate of $11.38, hitting its lowest point at $1.83 in August 2019. Prior to reaching its ATH, the price of FIL surged to $20.08 in 2018, representing a substantial 1437.72% increase from its initial value.
The most remarkable year for Filecoin’s price performance was 2020, with an average price of $14.02. It eventually peaked at $237.24 before closing the year at $36.27.
However, as of October 23, 2023, Filecoin’s price stands at $3.52, which is 98.56% lower than its previous ATH. This underscores the significant price volatility Filecoin has experienced, despite its previous all-time high in April 2021.
Current Filecoin Performance
As of October 23, 2023, the current price of Filecoin is $3.52. Over the past week, the price has increased by 8.73%, and in the last 24 hours, it has risen by 4.75%. Filecoin’s price history has been characterized by notable volatility, featuring substantial price swings.
It made its debut at $11.38, hitting its lowest point at $1.83 in August 2019. Over time, the price followed a downward trajectory, closing at $2.97 in 2022, reflecting a substantial 74.12% increase from its initial value. However, in the first quarter of 2023, Filecoin exhibited significant bullish momentum and reached $8.58 in February.
Will FIL Reach $237 Again?
Based on our Filecoin price prediction, there is a very low likelihood of the token reaching its ATH value again. In 2023, Filecoin’s price is expected to fluctuate between $2.94 and $7.01, with a projected rise to $10 by 2025. The 2030 forecast suggests an average price of around $24.91, with minimum and maximum estimates at approximately $20.42 and $29.40, respectively.
However, Coin Price Forecast suggests a more optimistic scenario, predicting that Filecoin may reach $4 by the end of 2023, increasing to $4.5 by 2024. Further projections include a climb to $5 in 2025, $6 in 2027, $8 in 2028, $10 in 2030, and $12 in 2033.
Overall, the probability of Filecoin reclaiming its previous high of $237 appears low, but the inherent volatility of the cryptocurrency market adds an element of uncertainty to all predictions.
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