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Filecoin Price Prediction: Weak Bounce Carries Ominous Bearish Signs

Following a bloody Wednesday in which many cryptos are still carrying bloody noses, what is the Filecoin price prediction?

Filecoin was also impacted by Wednesday’s steep drop in the cryptocurrency market. However, the crash met Filecoin at a bad time. It was already neck-deep in a steep correction that had seen it lose nearly 40% before yesterday’s bloodbath. Yesterday, it lost another 34%.

Like most other cryptos, it has bounced from the lows, but the 35.66% bounce on the day appears very weak when put into context of the steady decline in the asset’s price since hitting $165 on 6 May 2021.

The Filecoin price prediction remains ominous for further bearishness unless the bulls can find some momentum to stage a monumental comeback.

Technical Levels to Watch

The day’s bounce fell short of the 97.215 resistance mark (17 March high and 18 May low). Therefore, bulls need to find some momentum to force the price above this resistance mark for the recovery to gain traction. Above this level, 120.936 and 130.425 are additional targets to the north. Bulls need to take the price above the 145.606 and 165.058 barriers for the bullish reversal to be complete.

If these conditions are unmet, 73.494 could come under renewed pressure. If this support collapses, the Filecoin price prediction would be for bears to attempt a run towards 52.619, with 34.591 serving as an additional target. What a crash this would be if this outlook plays out as expected.

Filecoin; Daily Chart

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