Filecoin price prediction for today, December 16 – FIL technical analysis

Filecoin price prediction is heading towards the upper boundary of the channel with the price reaching a daily high of $5.43.

Filecoin forecast statistical data:

• Current Filecoin price – $5.43
• Filecoin market cap – $2.5 billion
• Filecoin circulating supply – 481.2 million
• Filecoin total supply – 1.9 billion
• Filecoin CoinMarketCap Ranking – 34th

FIL/USD market

Main level:

Resistance levels: $6.5, $7.0, $7.5

Support levels: $4.0, $3.5, $3.0

FIL/USD is trading above its 9- and 21-day moving averages as the coin moves near the upper boundary of the channel. As of this writing, Filecoin is trading at $5.43, up more than 13.16% since the start of the European session. However, with the recent recovery, the coin is likely to move beyond the upper boundary of the channel into positive territory.

Filecoin Price Prediction: Will FIL Cross Above $5.5?

Filecoin price is currently forming a bullish movement with bulls pushing the price towards the channel. Once the uptrend begins, FIL/USD is likely to break above the upper boundary of the channel, which could reach resistance levels of $6.5, $7.0 and $7.5. On the other hand, if bears re-enter the market, strong selling pressure may pull the price towards the lower boundary of the channel.

However, if the Filecoin price falls below the moving average, the bears could push the price towards the support levels of $4.0, $3.5, and $3.0. Looking at the chart, the 9-day moving average is hovering above the 21-day moving average, suggesting a bullish move within the channel is possible.

FIL/BTC heads north

Regarding Bitcoin, Filecoin (FIL) is showing strength as the coin follows an upward trend above its 9- and 21-day moving averages. However, if an uptrend increases buying pressure, the market price may cross the upper channel.

Nonetheless, the 9-day moving average is likely to break above the 21-day moving average, and if this is passed, the market price could continue its upward trend that could reach resistance levels above 1400 SAT. Conversely, a retest below the channel lower limit could push the price lower to support levels below 1000 SAT.

Alternatives to Filecoin

Currently, the Filecoin price is trading around $3.18, adding 13.16% to the day’s value. Moreover, the coin’s strength is likely to open the door to a massive recovery move targeting $6.0. Meanwhile, from a technical perspective, FIL/USD could overcome the upside hurdle if the bulls put pressure on it.

In that respect, traders can invest in $BTCMTX for a unique cryptocurrency opportunity, and contrast it with Filecoin’s $2.5 billion market cap, which limits its significance in the market due to its large market cap. However, with $BTCMTX exceeding $5.3 million in the pre-sale phase and the small market capitalization, it offers significant growth potential. Don’t miss your opportunity to participate in the innovative future of decentralized finance. Invest in $BTCMTX now!

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