Filecoin (FIL) could target $35 in major breakout – here is why

Hottest New Crypto Listing On Major Exchanges
Hottest New Crypto Listing On Major Exchanges

Filecoin (FIL) could target $35 in major breakout – here is why

By Motiur Rahman - min read

Filecoin (FIL) has started the week on a high. The coin is strongly trending upwards and is now targeting to hit $35 in the coming days. The momentum is likely to continue as well in the near term. Here are some of the key facts to keep in mind:

  • Filecoin (FIL) has surged by nearly 30% in the last 24 hours.

  • The coin is poised to hit $35, a gain of nearly 50% from the current price.

  • All momentum indicators also remain positive in the short term.

Data Source: Tradingview 

Filecoin (FIL) – The road to $35

The general trend for Filecoin (FIL) for the most part of this year has been down. In fact, the coin struggled a lot over the past few weeks to rise above $16. But the last week has been quite impressive for FIL. 

The coin not only managed to smash through the $16 resistance, but it has also gone past two other resistance zones. This includes the $20 and $24. FIL is trying to consolidate gains above $25 right now and so far, the bulls have the upper hand. We expect FIL to continue trending upwards over the coming days. 

While it is unlikely it will surge past $35 before the end of the week, the coin will test that zone at least once. When this happens, FIL would have delivered gains of over 50% from the current price.

The long-Term Outlook for FIL

The long-term outlook for Filecoin has always been positive. In fact, conservative estimates are looking at $80 by the end of 2022 as long as sentiment remains strong in the market. 

As for the short term, FIL will trend towards $35 and is likely to settle around $45 in Q2 this year. This will represent a massive surge from the lowest point in 2022. It would also mean that FIL has finally reversed the downtrend.