American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Investing

Filecoin price prediction: Will the FIL token recover?

by admin February 3, 2025
February 3, 2025
Filecoin price prediction: Will the FIL token recover?

Filecoin price has collapsed, erasing all the gains made in 2024, and making it one of the worst-performing tokens in crypto. The FIL token plunged to a low of $2.6155 on Monday, its lowest level since 2022. It has plunged by over 74% from its highest level in 2024. So, why is the Filecoin price falling, and will it bounce back?

Filecoin price forecast

The weekly chart shows that the FIL coin price has remained in a tight range in the past two years even as the network made major progress and updates. It has remained inside the key support level at $2.6155 and resistance at $11.4. In contrast, other cryptocurrencies like Bitcoin, Solana, and Mantra have all surged to a record high recently.

Filecoin price remains sharply below its all-time high of $237.67, transforming it from a top-20 coin into the 47th biggest coin in the world. It has now remained below the 50-week and 25-week moving averages, a sign that bears are in control.

The Relative Strength Index (RSI) and other oscillators have all moved downwards, a sign that the coin is losing momentum. 

On the positive side, there are signs that the Filecoin price has moved into the accumulation phase of the Elliot Wave arrangement. This period is usually characterized with sideways movements, with the price remaining in a tight range. 

The Filecoin may also start the first phase of the Elliot Wave pattern soon. This phase is usually a bullish one and is followed by the corrective phase two and the longest wave three performance. 

Therefore, all is not lost for the Filecoin price since it has a good chance of recovering. The initial rebound may see it jump from the current $3 to the upper side of the range at $11.42. A move above that level, on the other hand, will point to more gains to $27, the highest swing in March 2022. 

The alternative scenario is where there is a strong rebound now that it has dropped below the lower side of the horizontal channel. 

FIL price chart by TradingView

Why is the FIL token crashing?

There are a few reasons why the Filecoin price has crashed. First, the coin has plunged because of the ongoing crash in the crypto industry. Bitcoin has fallen below $93,000, while Ether moved below $2,500 for the first time in weeks. Other top laggards in the crypto industry are Bittensor, Celestia, Gala, Cardano, Injective, and Worldcoin, which fell by over 35% in the last 24 hours. 

Filecoin price has also crashed as investors shifted from utility coins to meme coins. Recent data showed that meme coins were some of the best performers in the crypto industry. Some of the top meme coins that minted millionaires were the likes of Official Trump, Melania, and Vine. 

Further, there are signs that the Filecoin ecosystem is not doing well. For example, the Filecoin FVM network has a total value locked (TVL) of over $47.6 million, down from $120 million in December last year. It has been overtaken by other newer and highly popular cryptocurrencies like Aptos, Sui, and Hyperliquid. 

There are also concerns that the Filecoin network is not doing all, with most users continunuing to use centralized storage solutions like Amazon AWS and Google Cloud. It has also not been adopted by most AI models as most analysts expected.

The post Filecoin price prediction: Will the FIL token recover? appeared first on Invezz

0
FacebookTwitterGoogle +Pinterest
previous post
XRP price prediction as Ripple liquidations hit $110m
next post
What is the fentanyl crisis at the centre of Trump tariffs against China, Mexico and Canada?

Related Posts

Here’s the stocks that pushed the DAX index...

December 30, 2024

Rio Silver: Leveraging 25 Years of Mining Experience...

April 30, 2024

Pan American Makes US$295M Deal to Sell La...

May 4, 2024

BT share price could surge to 175p as...

November 7, 2024

SOL price nears a death cross: best 3...

February 21, 2025

Robusta, Arabica coffee prices soar, corn, soybeans near...

September 16, 2024

Here’s why the CVS Health stock price may...

December 11, 2024

Waste Management is a good stock; but Republic...

October 12, 2024

Top crypto price predictions: Notcoin, Quant, DigiByte

March 9, 2025

NZD/USD analysis: Here’s why the New Zealand dollar...

December 31, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • GMS stock jumps 29% on takeover interest from Home Depot, QXO, analysts raise PTs

      June 22, 2025
    • Japan’s rice price surge: what’s driving it and why it could spark a political crisis

      June 22, 2025
    • BofA raises STOXX 600 target amid resilient global growth, warns on Mideast risks

      June 22, 2025
    • Palantir co-founder: US must prevent Iranian nukes

      June 22, 2025
    • Fed governor Waller advocates for July rate cut amid tariff, labor market outlook

      June 21, 2025

    Categories

    • Business (3,169)
    • Investing (2,522)
    • Latest News (2,000)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved