Filecoin prices continue to trade in a sideways market. However, in today’s trading session, the cryptocurrency is up by 3 per cent reversing yesterday’s 1 per cent price drop. The sideways market continues despite recent developments and partnerships between the platform and major companies.
In one such partnership, Filecoin and Lockheed Marin announced a collaboration that would see the platform being used to create a network that will be accessible from space. In addition, details of the partnership indicated that the two companies were looking far beyond earth and exploring providing interplanetary file system (IPFS) nodes.
Despite the announcement of the cooperation between the two companies, Filecoin prices have remained unmoved. Part of the recent sideways market for the crypto is due to the global recession of the cryptocurrency market.
This has resulted in investors being extremely fearful and cautious in investing in the industry, resulting in prices going down. In addition, recent events such as the fall of Terra Luna and UST have also not helped Filecoin’s price to recover from the recent cryptocurrency market crash.
Filecoin Price Prediction
The chart below shows that Filecoin prices have traded sideways for the past three weeks. In most trading sessions, the bear and bull markets have alternated on a daily basis, creating a long-term sideways market.
In an analysis I wrote on May 25, I indicated that the prices were likely to continue with their strong sideways market. This is after observing bullish and bearish trends alternating on a daily basis. Today, that view has not changed. Looking at the price action of the past six days, the prices have alternated between price gains and price losses in each trading session.
Therefore, my Filecoin price prediction is still a sideways market. I expect today’s price gains to be wiped out by tomorrow’s drop in market prices. However, if the prices drop below the $6.8 price level, it will continue the bearish trend. It will also invalidate my sideways market analysis.