The Filecoin price prediction favours an upside move, after the period of consolidation being seen on the charts. This could come from the news that Filebase, a blockchain object storage company, has raised $2m in a recent round of funding and aims to incorporate Filecoin into its list of the distributed storage projects it is working with.
Filecoin is one of the altcoins which saw massive appreciation when Grayscale trust invested large sums of money into the crypto coin. Filecoin is used as the currency of the distributed storage systems that are starting to get popular as the push away from centralized cloud storage to distributed storage systems starts to pick up momentum.
Technical Outlook for Filecoin
The Filecoin price prediction 4-hour chart shows that the asset is trading with low volumes and is range-bound. We need to see the Filecoin price break the boundaries of the range, which are found between 155.94 above, and 145.72 below. A breakdown of the 145.72 lower edge opens the door for the price to attain the 139.64 support, with 130.01 psychological support being the next logical target.
On the other hand, a break of the 155.94 price boundary allows the price to aim for 160.42, with additional upside targets seen at 164.98, 170.00 psychological resistance level, and 174.11, in that order.