Filecoin (FIL) to $100? Exchange Founder Gives His ‘Two Cents’

  • BitMEX founder expects Filecoin to hit $100 on the back of the AI boom.
  • FIL was overbought, suggesting a possible retracement below $7.
  • If FIL nosedives to $5.43, a harder rebound to $19.33 could be possible.

Arthur Hayes, the co-founder of BitMex posted that Filecoin (FIL) price could hit $100. According to Hayes’ post on X, the reason behind this is the budding AI narrative in the bull market.

With its decentralized storage fundamentals, Filecoin has been capitalizing on the growing attention AI tokens have had in recent times.  At press time, CoinMarketCap showed that FIL has been one of the best-performing cryptocurrencies in the last 24 hours.

FIL/USD 4-Hour Price Analysis

FIL has gained 11.78% in the last 24 hours. However, indications from the 4-hour chart showed that the cryptocurrency could be losing hold of the bullish momentum. At press time, FIL’s price was $8.17.

Furthermore, indications from the Relative Strength Index showed that the reading had dropped to 64.92. The decline implies that buying momentum had slowed down and FIL might not hit $9 in the short term.

This was also evident from the signals shown by the Bollinger Bands (BB). Though the BB indicated high volatility, the upper band tapped FIL near $8. This indicated that FIL was overbought, and the resulting outcome was for the price to be retraced. 

In a highly bearish scenario, profit-taking could lead the token to $6.96. However, if bulls continue to push up the price, FIL could tap $10 within some days.

FIL/USD 4-Hour Chart (Source: TradingView)

FIL/USD Daily Price Analysis

On the daily timeframe, the Money Flow Index (MFI) had surpassed 80.00, reinforcing the notion that the token was overbought. This increase was also proof of intense capital inflow which was instrumental to the price increase.

Capital inflow into FIL might reduce as it stands. If this is the case, the price could reverse downward in the short term. Targets for the cryptocurrency in this instance could be between $6.45 and $7.50.

However, the Fibonacci retracement indicator showed that FIL could extend its gains in the long run. For instance, the 0.618 Fib level was at $6.77. Should FIL drop to this level and later bounce, the price could climb to $17.19.

In the case where FIL nosedives to $5.43, the 4.236 Fib level showed that rebound could be harder. If this is the case, FIL’s price might jump as high as $19.33 in the mid to long term. 

FIL/USD Daily Chart (Source: TradingView)

As for the $100 prediction, it seems possible. However, it would require a lot of liquidity inflow and buying pressure from the market.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Comments

Post a Comment

Popular posts from this blog

Fetch.ai Price Prediction: FET Pumps 14% On Nvidia Earnings As AI Cryptos Boom And Analysts Say This New Solana Meme Coin Might Outperform BONK, WIF And MYRO

Image
The Fetch.ai price has soared by 14.5% in the past 24 hours to trade at $1.12 as of 8:15 a.m. EST on trading volume that surged 10.5% to $612 million. This surge came after AI chip maker Nvidia reported that fourth-quarter earnings had surpassed market expectations, buoying most of the AI crypto sector. Other AI cryptos to surge included Render (RNDR), Akash Network (AKT), and Bittensor (TAO), all ascending by double digits. Fetch.ai Price Susatains Bullish Momentum Above the Bullish Pennant FETUSD Analysis by Tradingview The Fetch.ai price indicates a continued uptrend after breaking from the consolidation stage. However, the resistance level at $0.78 has led to the formation of a bullish pennant, which signals a bullish trend reversal. However, the bulls seem to have acted on the pennant, indicating resilience on the $0.4424 support zone and flying the price past the $0.78 resistance, confirming the bull rally to the $1.17 resistance level. The technical indicators are bul...
Read more

Bitcoin slicing through this resistance could send it over $47k

Image
Although the majority of assets in the cryptocurrency sector got off to a slow start this week, Bitcoin (BTC) could be looking at a massive advance toward and beyond the threshold of $47,000 soon, provided it manages to break the key resistance that currently stands in its way. As it happens, Bitcoin’s realized price distribution (URPD) or unspent transactions output (UTXO), or the amount remaining after every transaction, suggests that the maiden cryptocurrency is facing “stiff resistance at $38,500,” as noted by crypto market analyst Ali Martinez in an X post on November 26. Having said that, the crypto trading expert also observed that the flagship decentralized finance (DeFi) asset “slicing through this barrier could help BTC advance toward $47,360,” which is the next significant point in the chart Analysis that Martinez shared. Bitcoin UTCO realized price distribution. Source: Ali Martinez Specifically, UTXO UPRD shows at which prices the current Bitcoin UTXOs appeared, ea...
Read more

Binance faces calls for ban by Nigerian Bureau De Change association

Image
Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market. Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation. ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON, provided this counsel in an interview held on Aug. 8 in Lagos. Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel mar...
Read more