We still stand behind our last week’s bullish Filecoin price prediction but with a few conditions. Currently, FIL crypto appears to be cooling down after a major bullish move in July last week. The price has beautifully confirmed its breakout from the downwards trendline.
If the ongoing recovery wave continues in the market, Filecoin might give very good returns within the next few weeks. However, if the BTC price takes another nosedive, then FIL is also likely to do the same. You may buy Filecoin on top crypto exchanges like Binance, Kraken and Houbi.
Filecoin network stats are encouraging as the storage space has significantly increased in the last year. The network is now boasting a storage power of 18 EiB with 4061 active miners. The current block reward for Filecoin mining is 20.4 FIL.
According to Filecoin news today, the Egyptian government is using CargoX’s BDT, which is built on IPFS. BDT is a platform for Blockchain Document Transfer. In other news, the project would also ensure its presence during the ETH Mexico event from 19th August to 21st August.
Filecoin Price Prediction
A look at the FIL USD chart shows a significant increase in volume over the past few weeks. The price has broken out of the downwards trendline for the first time in the past seven months. The bullish BTC price action also supports this breakout during the same time. If the price breaks above $10 soon, then bulls might attempt to reclaim the 200-day moving average that currently lies at $13.57.
However, this Filecoin price prediction would be entirely out of the window if the BTC price plummets. The $7.50 level might act as a good stop loss in such an event. On the other hand, a reclaim of the 200-day moving average might trigger another bullish leg to $16.57. This region is previous support which might act as massive resistance.