FIL, the ticker for the Filecoin cryptocurrency that powers Filecoin’s decentralized storage blockchain protocol, has been taking a breather in recent days after enjoying spectacular gains earlier this month. FIL/USD was last changing hands around $7.75, now more than 18% down versus earlier monthly highs in the $9.50 area, though the cryptocurrency remains higher by close to 50% on the month.
Filecoin’s aggressive rally this month comes after the layer-1 blockchain protocol’s developers announced the launch date of the Filecoin EVM. The upgrade, due on the 14th of March, will bring smart-contract programmability to the Filecoin mainnet and should drive the protocol’s accelerated adoption.
Where Next for Filecoin?
FIL/USD could easily fall back to the $7.0 level, given a lack of support in the interim to prevent further downside. Other support areas to watch out for include the November 2022 highs in the $6.50 area and the early February highs in the $5.80s.
Since FIL’s aggressive breakout earlier this month from a downtrend linking highs going all the way back to last October, the bulls will likely remain in control in the medium term. FIL/USD could easily bounce from any of the aforementioned support levels, with bulls targeting an eventual test of the August 2022 highs in the $11.40 area.
Experts Give Their Filecoin Price Predictions
Popular crypto YouTuber Cilinix Crypto expects Filecoin to remain bullish in the lead-up to the launch of Filecoin EVM on the 14th of March, noting that it could rebound and rally from $7.50.
Elsewhere, speaking with a longer timeframe in mind, popular crypto YouTuber VirtualBacon said that if the decentralized internet takes off, protocols like Filecoin will likely be a key player. However, while VirtualBacon said he is bullish on the narrative that could boost Filecoin, he doesn’t think it is going to be able to get back to its all-time highs from 2021 at $237.
Is It Too Late to Buy FIL?
Asking whether it’s too late to buy an asset is never the right question. The right question is whether an asset should be bought or not. And that depends on how an investor judges its long-term price performance outlook.
If, based on your own research, you think FIL presents a good risk-reward at current prices and as likely to rise substantially in price in the current years, it is probably worth buying some. That’s regardless of the token’s recent performance. If you don’t deem FIL as presenting a good risk-reward, then stay away.
FIL Alternatives to Consider
FIL’s…. But traders looking for quick gains might want to consider other high-potential tokens, such as those being sold in pre-sale by promising up-and-coming crypto projects. We’ve reviewed some of the best candidates in this list of the top 15 cryptocurrencies for 2023, as analyzed by the Cryptonews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.