Is It Too Late to Buy Filecoin? Crypto Experts Give Their FIL Price Predictions
FIL, the ticker for the Filecoin cryptocurrency that powers Filecoin’s decentralized storage blockchain protocol, has been taking a breather in recent days after enjoying spectacular gains earlier this month. FIL/USD was last changing hands around $7.75, now more than 18% down versus earlier monthly highs in the $9.50 area, though the cryptocurrency remains higher by close to 50% on the month.
Filecoin’s aggressive rally this month comes after the layer-1 blockchain protocol’s developers announced the launch date of the Filecoin EVM. The upgrade, due on the 14th of March, will bring smart-contract programmability to the Filecoin mainnet and should drive the protocol’s accelerated adoption.
FIL/USD could easily fall back to the $7.0 level, given a lack of support in the interim to prevent further downside. Other support areas to watch out for include the November 2022 highs in the $6.50 area and the early February highs in the $5.80s.
Since FIL’s aggressive breakout earlier this month from a downtrend linking highs going all the way back to last October, the bulls will likely remain in control in the medium term. FIL/USD could easily bounce from any of the aforementioned support levels, with bulls targeting an eventual test of the August 2022 highs in the $11.40 area.
Popular crypto YouTuber Cilinix Crypto expects Filecoin to remain bullish in the lead-up to the launch of Filecoin EVM on the 14th of March, noting that it could rebound and rally from $7.50.
Elsewhere, speaking with a longer timeframe in mind, popular crypto YouTuber VirtualBacon said that if the decentralized internet takes off, protocols like Filecoin will likely be a key player. However, while VirtualBacon said he is bullish on the narrative that could boost
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