Filecoin price is up by over six per cent in today’s trading session. However, the current bullish push is likely a bearish flag since Filecoin is still in a strong long-term bearish trend.
The long-term price drop of Filecoin comes despite the platform partnering with other platforms to decentralize file storage. This includes the latest partnership announcement between Filecoin and Muckrock. The partnership will see Muckrock, a leading non-profit news organisation, host their verified documents on the Filecoin platform. The partnership will also allow all Muckrock users to publish their verified documents on the Filecoin platform.
With this partnership, Muckrock will be able to extend its reach beyond the traditional newsroom. The partnership will also offer insight to other investors into how important a platform like Filecoin will be in the future. There is a high likelihood that such partnerships will see a growth in the number of users on the Filecoin platform. The growth in user base will also likely contribute to Filecoin coming out of the current bearish trend.
Filecoin Price Prediction
In today’s trading session, Filecoin has gained more than six per cent. This is despite being in a strong bearish move that has seen the cryptocurrency lose 10 per cent of its value this week, 17 per cent this month, and over 50 per cent since April 1st 2021.
The chart below also shows that the cryptocurrency has lost over 90 per cent of its value since September. Therefore, the latest signs of a resurgence are likely a bearish flag. Nevertheless, the trend is still strongly bearish. In the month of May, Filecoin was also able to break a long-term resistance level of $17. Since then, the prices have continually traded below that level, which has become a strong resistance. Today’s trading session bullish move is also unlikely to break the $17 price level.
Therefore, my Filecoin price prediction expects the prices to continue falling. As a result, there is a high likelihood that the prices will be trading below the $14 price level in the next few trading sessions.
Filecoin daily Chart
