Our Filecoin price prediction suggests that a major bullish move could be around the corner. After the news of rate hikes and unrest in Eastern Europe, crypto prices have been in a downtrend. The overall market cap of crypto currently stands at $2 Trillion. The same metric was standing at $3 Trillion in November 2021. Nevertheless, many cryptocurrencies, including Filecoin price, appear to have bottomed out after almost four months of a downtrend.
Latest Filecoin News
As per the latest Filecoin news, the network has reached the storage capability of 15 exbibytes EiB. Filecoin crypto is currently the 42nd biggest cryptocurrency with a market cap of $3.5 billion. It is a blockchain-based storage protocol with the aim to disrupt the existing cloud storage market. Therefore, the Filecoin price prediction mainly depends on its adoption.
The major problem with current storage providers like Google, Microsoft, One Drive etc., is their centralization. Instead of centralized handling of stored data, Filecoin stores it on its decentralized network of storage providers. Filecoin mining is also quite profitable. Recently, Vivid three Holdings has partnered with JVS Management Holdings for Filecoin mining.
Filecoin vs Arweave
FIL crypto is the native asset of the Filecoin blockchain. However, you must also know that Filecoin is not the only blockchain-based storage project. Projects like Arweave, StorJ and Siacoin also aim to replace their centralized counterparts. This competition might also affect Filecoin price prediction in the long term. As far as Filecoin vs Arweave is concerned, the major difference is that Arweave targets the permanent storage market.
Filecoin Price Prediction 2022
Technical Analysis of FILUSD price chart suggests that Filecoin price might have already bottomed out. If FIL coin flips $21 level soon, a major bullish move could be on the cards. Such a scenario could increase FIL price by 4x according to our Filecoin price prediction.
Connecting the September 2021 high of $120 to the March 2022 lows of $16.50, we get Fib retracement levels. The most likely target before the end of the year seems to be $80, as it aligns with the 0.618 Fib level. However, any lower low than $16.50 could invalidate this FIL price prediction.