The Filecoin and Theta prices have been left in the dust lately. The FIL and THETA prices have risen by just 6% and 2%, respectively in the past 7 days. And while currencies like Dogecoin and Ripple have risen by more than 50% and 25%, respectively in the past 24 hours, the two have risen by less than 2%.
What happened: Theta and Filecoin are relatively similar companies. The two want to decentralize two enormous industries that are now dominated by large companies like Microsoft and Alphabet.
Theta is creating a decentralized video sharing platform. The idea is not to replace YouTube. Instead, it wants to make it easier for people to create decentralized video platforms by sharing bandwidth.
Filecoin, on the other hand, wants to decentralize the data storage industry by allowing people to share their idle bandwidth. Today, the industry is dominated by companies like Dropbox, Box, Microsoft, and Google. People who share their data can then be paid using the digital tokens.
Theta and Filecoin prices have surged lately as people have embraced the role of decentralized solutions and services. Indeed, the two have more than doubled this year and are now the 14th and 16th-biggest digital platforms in the world. In the past week, however, the two have lagged as investors have focused on other coins like Bitcoin, Ripple, and ETH.
Filecoin price prediction
The Filecoin price is trading at $163.60, which is slightly below the all-time high of $237. It is trading between the support and resistance levels at $134 and $188. This has seen the Average True Range (ATR) drop to the lowest level on March 30. This is a sign that its volatility has dropped substantially. Therefore, in the near term, I suspect that the price will remain at the current level and then break out in either direction.
Theta price prediction
The four-hour chart shows that the Theta price, too, has been in a consolidation mode. It has formed a symmetrical triangle pattern while the Average True Range (ATR) has also dropped. Therefore, with the symmetrical triangle nearing its level of confluence, we should expect a breakout in either direction too.